Supply and Appropriation (Main Estimates) Bill

Debate between Lord Sassoon and Lord Grocott

Monday 16th July 2012 Lords Chamber

[Lord Sassoon]

That the Bill do now pass.

[Lord Grocott]

My Lords, I rise only to reflect that if this were a fully elected House, the proceedings that have just taken us about 30 seconds would probably have taken us three weeks instead.

Economic Policies

Debate between Lord Sassoon and Lord Grocott

Wednesday 4th July 2012 Lords Chamber

[Lord Sassoon]

My noble friend is completely right, and it would be a one-club game if we were not doing all sorts of things on the supply side, such as reducing corporation tax from 28% to 22%, the national loan guarantee scheme of £20 billion, cutting red tape for the first time in living history, enterprise zones, the Regional Growth Fund, the largest number of apprenticeships ever funded by any Government and completely overhauling the planning system, to name a few supply-side reforms.

[Lord Grocott]

Is it in any way conceivable that some of the responsibility—just a smidgeon—for the fact that we are in a double-dip recession lies with the Government?

[Lord Sassoon]

We are working extremely hard on the reforms that I have talked about to make sure that we have sustainable public finances and a more balanced economy.

EU: Economy

Debate between Lord Sassoon and Lord Grocott

Wednesday 2nd November 2011 Lords Chamber

[Lord Sassoon]

My Lords, the first thing to understand is that the UK is not part of the stability mechanism that the eurozone is putting in place, and we will not contribute to specific bailouts. On the other hand, the eurozone takes about 40 per cent of our exports and it continues to be the principal interest of the UK Government to make sure that the eurozone and the whole of the EU prosper and grow, to the benefit of our own economy.

[Lord Grocott]

Could the Minister spell out the difference between a variable geometry Europe and a two-speed Europe?

[Lord Sassoon]

My Lords, I think that I have already done so. The two-speed Europe that people seek to paint is one between the eurozone and the rest, but thanks to the work of the Prime Minister at the 23 October Council, the very important principle was accepted that those matters which relate to all EU members and the whole of the EU, such as the single market, will of course continue to be the province of the EU 27. That is the critical acceptance which has been made by the Council and the Commission at the prompting of the Prime Minister.

Banking: Lloyds and RBS Shares

Debate between Lord Sassoon and Lord Grocott

Thursday 30th June 2011 Lords Chamber

[Lord Grocott]

Does the Minister think that the Deputy Prime Minister’s proposals for the banks are better or worse than his proposals for constitutional reform?

[Lord Sassoon]

My right honourable friend the Deputy Prime Minister is always full of interesting, constructive and important ideas that deserve very serious consideration.

Currency Markets

Debate between Lord Sassoon and Lord Grocott

Wednesday 2nd February 2011 Lords Chamber

[Lord Sassoon]

I shall not comment on individual discussions about market matters, but I again note some of the positive developments in Europe collectively as well as the auctions since the beginning of the year by Portugal, Spain and Greece. However, we must recognise that the currency situation remains very fragile.

[Lord Grocott]

As the Minister is clearly pleased that Britain is not a member of the euro, would he like to remind the House which Government made that decision and would he like to join me in congratulating them on making the right decision?

[Lord Sassoon]

I am indeed content that we are not in the euro.