Eurozone Financial Assistance

Andrea Leadsom Excerpts

Tuesday 24th May 2011 Commons Chamber

[Andrea Leadsom (South Northamptonshire) (Con)]

I stand here as a big fan of Europe but a big enemy of the European Union, and I want to share a few of my passions with you, Mr Deputy Speaker. First, I want to share my anger at the Opposition for their failure to give us the referendum on the Lisbon treaty that they promised. I also want to share my fury at the former Chancellor for signing us up to the EFSM that has caused so many problems—the reason we are having this debate. Finally, I would like to share my gratitude to the former Prime Minister for not taking us into the euro.

I want to spend a moment talking about our friends the Europeans who find themselves in an extraordinarily difficult position. At the moment, 10-year Government bonds in Portugal are trading at around 64 cents in the euro, while in Ireland they are trading at around 66. In Greece they are trading at around 51—that is about 51 cents in the euro for Greek 10-year Government bonds—which basically means that when our European friends have to lend them money, as they will undoubtedly have to do, it will effectively be half a gift and half a loan. We in this country are extraordinarily lucky that our Front Benchers have enabled us to withdraw entirely from the bail-out mechanism from June 2013. We should praise the Prime Minister and the Chancellor for arranging matters so that we will not, over the longer term, have to suffer the price that will undoubtedly be the case for our European friends.