Business of the House

Debate between Lord Hamilton of Epsom and Lord Marlesford

Thursday 4th April 2019 Lords Chamber

[Lord Hamilton of Epsom]

Quite clearly they are different sorts of Bills: either private Bills or public Bills. That is pretty obvious. This one seems to be a private Bill, which, as my noble friend Lord Forsyth pointed out, did not even have anybody’s name on it when it appeared here because it had not had its First Reading. We are breaking all our rules to try to introduce this Bill, in a vain attempt to try to change the price of fish over these negotiations. What the Bill actually does is make life more difficult for my right honourable friend the Prime Minister, rather than easier. Why we would want to meddle around in this way, and mess about with our constitutional arrangements, I cannot understand. However, if the one good thing to come out of this is that the usual channels are at last starting to work again in your Lordships’ House, then we have something to be thankful for.

[Lord Marlesford (Con)]

My Lords, I will speak very briefly, following up the words of my noble friend Lord Lawson about the impact on public opinion of the procedures in Parliament in relation to this Bill, which could be very serious. The example I give to noble Lords is that of France, once our hereditary enemy, now our great friend. Why is it that France is so much harder to manage and govern than Britain? Let me give the obvious example. If public protests in Britain turn into violent riots, the public do not like it. Even if they agree with the original cause, they tend to tell Parliament to sort it out. When that happens in France, the French Government normally have two choices: send in the CRS to break their heads, or give in. They usually give in. It is extremely difficult for the French. This all dates back to 1789—

Euro Area Crisis: EUC Report

Debate between Lord Hamilton of Epsom and Lord Marlesford

Monday 21st May 2012 Lords Chamber

[Lord Marlesford]

When Sub-Committee A looked at the bailout, we saw again and again that the figures produced as necessary to prevent a catastrophe became ever greater by magnitudes. There is the old cliché about “A billion here and a billion there—you are talking serious money”; we almost reached the stage where it was “A trillion here and a trillion there”. If the prospects are for bailout, and that just continues, whatever happens and however much worse it gets, it has been fairly conclusively proved that people will take advantage of a bailout. It is human nature. It was the present governor of the Bank who said that if there is a run on the bank, the sensible thing is to join it. Therefore, if the bank is prepared to bail you out, the sensible thing is to accept the money.

My solution is that you impose a requirement to earn the euros—but with some help through the IMF, eurobonds, or eurobond investments—and you are thus able to rebuild your economy. I do not see, from the point of view of people living in Greece, that there is much difference between perhaps starting off with saying, “We are going to recreate the drachma; and the drachma is equal to a euro”, and then finding that the next day it is worth only half a euro, or, as the noble Lord, who likes speculating on these matters, might think, the drachma would soon be worth only a quarter of the euro. It would be a great deal better to recognise that the flexibility of having to have the euros with which to buy and pay for things would itself generate a reality that, I believe, is lacking.

[Lord Hamilton of Epsom]

I am rather uncertain as to how, if the Greeks basically default but stay with the euro, they would raise new debt in euros.

[Lord Marlesford]

I do not think that they could do so as such, except that, as I say, you might have a euro project in which people would invest. It would perhaps be somewhat similar to the private finance initiatives that have been used by the British Government—not entirely with success, maybe, but on balance they have been a useful source of making things actually happen. If people could see a good return, they would invest in it. That is a perfectly sensible way of doing it and, therefore, Greece would not be able to raise euro debt as such, unless the markets thought that that was viable. That is where the self-discipline is. The self-denial of recourse to the printing press would be a solution. I suppose I am really saying that if we get this form of self-discipline, which reality should require, and if this were to work in the case of Greece, it could be an example to other countries either not to follow suit and to grasp the nettle for themselves, or to recognise that this would be a viable way forward.

EU: Budget

Debate between Lord Hamilton of Epsom and Lord Marlesford

Thursday 28th April 2011 Lords Chamber

[Lord Hamilton of Epsom]

My Lords—

[Lord Marlesford]

My Lords, did not my noble friend’s earlier answer, when he described how information was not available, give a bit of a clue as to one way in which we can make progress? Would it not be much more satisfactory if there were full details of any failure properly to account for national expenditures in the EU budget? In that way we would at least know who was not doing things properly, by how much and when, and that shaming could have some role in getting people to behave better.