Eurozone

Debate between Lord Sassoon and Lord Hunt of Kings Heath

Monday 9th July 2012 Lords Chamber

[Lord Sassoon]

I certainly agree with my noble friend that we delude ourselves if we think that words coming out of one meeting of European leaders are going to solve all the problems. Part of the problem seems to have been a belief that the crisis can somehow be dealt with by fine words. I believe that in the underlying work— whether on the two pack, the six pack, or the intergovernmental treaty—there is the beginning of a construct of great significance to underpin the eurozone.

[Lord Hunt of Kings Heath]

My Lords, would the Minister be prepared to share with us his prepared text on whether there should be an in/out referendum on our membership of the EU? If the Government are holding out the prospect of a referendum in relation to Europe, can he tell me why the Government refuse to have a referendum on the future of your Lordships’ House?

[Lord Sassoon]

I realise that I walked straight into this one. Now is not the time for an in/out referendum on Europe. Once Europe has settled all the matters that we have talked about, we can look at our relationship with Europe in the round. As for referenda on other matters, the legislation is starting in another place today and, no doubt, it will get here in due course.

Economy: Growth

Debate between Lord Sassoon and Lord Hunt of Kings Heath

Tuesday 22nd June 2010 Lords Chamber

[Lord Sassoon]

My Lords, I completely agree with my noble friend Lord Roberts of Conwy. Business confidence will now be underpinned by a credible deficit reduction plan, which will see the current structural deficit in balance by 2014-15. The public expenditure on infrastructure, which this country needs to underpin growth, is being protected and not further cut. Corporation tax will fall from 28 to 24 per cent over four years; entrepreneurs’ lifetime capital gains tax relief is being increased from £2 million to £5 million; the national insurance contribution threshold will increase by £21 per week above indexation; the enterprise finance guarantee is being expanded by £200 million to ensure that credit flows to business; and a new regional growth fund will be established. It is estimated that these and other policies will increase business investment by an additional £13 billion up to 2016.

[Lord Hunt of Kings Heath]

My Lords, as a result of the Budget, how many jobs will be lost and what will the reduction in growth in the economy be?