- Jan 6, 2018
- 12,999
UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELANDSecurity Classification: OFFICIALRecent reports from the Economic Times have reported major production shutdown across Russia and India following over 12 months of economic decline, now peaking. The Treasury Select Committee have been summoned to discuss the news and how to plan for the next few months, with USD Circulation at an all time low, spending was likely to be held back.
Committee Chairman, Steve Barker
"Thank you all for joining me here today. I'm sure you're all up to date on the news but the situation developing in India and Russia is a grave concern. We're seeing reports of the shut down of production but perhaps our concerns are too reactive. Reports over the last twelve months have indicated a consistent increase in spending and unfortunately that kind of recovery isn't going to be easy. Global USD figures estimate just over one-hundred billion in circulation. Just as a refresher, during the collapse of Sparrow Industries, we saw a 10% decrease. We're estimating this approaching 22%..."
Committee Member, Alan Jackson
"The situation is obviously dire but it's worth considering the economic strength we sit on. Globally, we will of course feel the impact but we're in a fortunate situation that we have plentiful of reserves to keep us where we need to be.
Committee Member, Sue Hilton
"Perhaps, but as production dwindles in Russia and India, it's a domino effect waiting to happen and unfortunately it's a matter of time. I don't think that needed explaining. We need to be looking who we can help, our economy strength and stance as a soft power is the best thing we could have right now. Russia and India have had a constant trend as already explained, it was bound to happen. I'd seen some of their spending antics. Their biggest expense? Military. None-stop. They are arming on mass levels that could have constituted as preparing for huge conflict or... that was until they were dragged into a black hole. We need to see how their governments react to the situation but we have sufficient reserves to at least make an impact on recovering the economy... short term.
Committee Chairman, Steve Barker
"I agree Sue, been blunt. We've not got established relations with either, but one country that has spent a significant portion of time trying to build their economic strength is France."
Committee Member, Sue Hilton
"The French Government have shown true grit. The whole situation with Canada and France led them on a war-time bill and they're paying for it at no fault of their own. The frustration comes from the Ministry of Defence who are ... distasteful for how they're getting their strength back but I shan't say more on that. Providing aid to supporting the recovery of the French Markets could definitely benefit our stability for that much longer.
Over the course of the next two hours, questions and debates continue as those involved debated on how the United Kingdom could react to maintain its own economic status.
