EU: Financial Assistance to Member States

Lord Campbell of Alloway Excerpts

Monday 19th July 2010 Lords Chamber

[Lord Hannay of Chiswick]

My Lords—

[Lord Campbell of Alloway]

My Lords—

[Noble Lords]

This side! Keep going!

--- Later in debate ---

[Lord Sassoon]

My Lords, as I have set out, the UK is indeed playing its part. Forty per cent of our exports go to the eurozone and it is absolutely critical that we play our part, not only in the current ongoing crisis but in influencing the structural reforms that Europe requires going forward.

[Lord Campbell of Alloway]

My Lords, perhaps I may ask a simple question, speaking for no Benches at all. What is the Answer: are we or are we not liable?

[Lord Sassoon]

My Lords, the €60-billion element of the package agreed on 9 May comes out of the EU budget. So far there have been no loans advanced under this but, if there were and any question of loss arose, the UK would indirectly bear its proportionate share, along with any other item in the EU budget.