EU: Membership

Debate between Baroness Symons of Vernham Dean and Lord Sassoon

Monday 8th November 2010 Lords Chamber

[Lord Sassoon]

My Lords, I suppose there was a question in there for me somewhere. I certainly agree with my noble friend that the City of London over a number of decades has indeed become the principal financial centre for the European Union. It is important that business across the European Union understands what benefit it gets out of the financing that goes through the City of London.

[Baroness Symons of Vernham Dean]

My Lords, the Minister said a moment or two ago that the only reason that the 2.9 per cent had been adhered to was because of the Prime Minister’s intervention. Indeed, the Prime Minister claimed he was “building an alliance” to “insist on the 2.9%”. Can the Minister explain therefore why it was that before the Prime Minister’s intervention 20 countries supported the 2.9 per cent cap, and after the Prime Minister’s intervention only 13 did?