European Council

Andrew Gwynne Excerpts

Monday 22nd February 2016 Commons Chamber

[The Prime Minister]

I absolutely can answer that, and I think it is an important question. There are two things here. First, a set of principles is set out in section A on economic governance, and they are principles of non-discrimination, no cost, and no disadvantage. Crucially, paragraph 4—this was of real concern to the Bank of England and I know it will be of concern to my right hon. Friend’s Committee—makes it clear that the financial stability of member states whose currency is not the euro is a matter for their own authorities and own budgetary responsibility. Those principles are very important, and what is exciting about this is not only that they have been set out for the first time, and not only has Europe for the first time accepted that there are other currencies inside the European Union, but those changes will be incorporated into the treaties. The mechanism is something over and above a new way of ensuring that issues are raised, should we wish to raise them, at the level of the European Council. We do not have that protection today, but making the principles part of the treaty—already an international legally binding decision—is hugely important. If my right hon. Friend listens to people who speak on behalf of financial services, the Bank of England and others, he will recognise that this is really important progress for Britain.

[Andrew Gwynne (Denton and Reddish) (Lab)]

There is still plenty that divides the Prime Minister and me politically, but on this and in the national interest I think he is right to be campaigning for Britain to remain in the European Union. Let me read a quote to him:

“leaving would cause at least some business uncertainty, while embroiling the Government for several years in a fiddly process of negotiating new arrangements, so diverting energy from the real problems of this country”.

That was on 7 February. The Mayor of London was right 15 days ago, wasn’t he?

[The Prime Minister]

What I would say to the hon. Gentleman—and to everyone—is that we must examine what the alternatives are, how much uncertainty there will be, and how long these processes will take. Therein lies the importance of this decision for businesses, families and people’s prospects up and down our country.