President of the European Commission

Baroness Smith of Basildon Excerpts

Tuesday 12th March 2024 Lords Chamber

[Lord Cameron of Chipping Norton (Con)]

I do not think we should rule out different ways of working with the EU, but the Ukraine situation shows how the current arrangements can be made to work well. I have always said that, after Brexit, Britain should aim to be the best friend, neighbour and partner of the EU, and I think Ukraine shows that is exactly what we are doing. We have found ways of working together through these various formats, including the Wiesbaden formats and others. I am not sure that it is necessary to form some structured way of working when we have managed to do it on an ad hoc, rapid and effective basis.

[Baroness Smith of Basildon (Lab)]

My Lords, can I come back to the question raised by the noble Lord, Lord Young, about repurposing seized Russian assets for use in Ukraine? The Foreign Secretary will be aware that at the recent G20 meeting of Finance Ministers different views were expressed. I would be grateful if he could say something more about the position taken by the UK representative at that meeting, and, following on from his comments last time we had questions on this issue, could he say something about the discussions he has had with other nations which have adopted a more cautious approach? Has he been able to find a way forward or more agreement?

[Lord Cameron of Chipping Norton (Con)]

We have taken quite a forward view. We think there is a moral and political case for doing this, and we do not see the supposed economic damage that would be done as a strong argument against it. It is certainly true that some other countries are more cautious. Some EU countries are looking at spending the interest on the capital sum rather than the capital sum itself, but we are still making the argument for the maximum amount that can be done. Our view is simple: one day, Russia will have to pay reparations, and it does not make sense to wait for those reparations. It makes better sense to use the frozen assets and to make that that money available now.