EU: Membership

Earl Cathcart Excerpts

Monday 8th November 2010 Lords Chamber

[Lord Sassoon]

Now that the noble Lord has given up the strains of office of leading a party, we should allow him to be a bit more expansive—this afternoon, at least.

Of course, if we look at the wider benefits of EU membership, we can see that the UK gets much more out of it than it puts in, including in better access for British companies, whatever their size, to EU markets, cheaper prices and greater choice on our high street, more foreign investment, and a stronger voice for the EU in co-operation with countries such as India and China. The benefit of free trade with the EU alone has been estimated to boost GDP by more than 2 per cent—which, for the UK, would equate to benefits of about £25 billion to £30 billion each year.

[Earl Cathcart]

My Lords, as individuals, I do not believe that any of your Lordships would continue paying good money to the bank which looked after their money, their savings, and perhaps their mortgage, pensions, life policies and investments if the auditors refused to sign off the accounts because of fraud, theft, mismanagement and embezzlement, yet Britain continues to pay good money to Europe, although the auditors have refused to sign off on the accounts for 14 years for those same four reasons. Why do the Government not pay our great contributions to the EU into a bank account in London, draw down on that to make a payment to the British people as necessary and then pay only the net amount to Brussels if and when the auditors are happy to sign off the accounts? That might concentrate a few minds.

[Lord Sassoon]

I am grateful to my noble friend for that suggestion. Certainly I thoroughly endorse anything that concentrates minds in Brussels on the need for good housekeeping. I am not sure that his specific arrangement would quite meet our treaty obligations, but I shall bear it in mind.