EU Council

Barry Sheerman Excerpts

Monday 12th December 2011 Commons Chamber

[The Prime Minister]

My hon. Friend makes a very good point. I quite understand why particularly the Germans want this fiscal union and want tougher rules because they do not want to see irresponsible behaviour repeat itself. One can debate whether that actually requires change in the treaty or not, but we have to spend more time on the other parts of solving the crisis, which are to do with short-term changes and longer-term competitiveness.

[Mr Barry Sheerman (Huddersfield) (Lab/Co-op)]

The Prime Minister is aware that this situation represents one of the most fundamental changes in our national politics and in European politics. Will he assure the House that in all his future negotiations he will be mindful to look after not just financial services but the manufacturing sector and other service industries that do not have a part to play in the City of London?

[The Prime Minister]

I completely agree with the hon. Gentleman. I do not see financial services on their own, because they obviously have a role in supporting the rest of the economy. The key in terms of Europe for the rest of the economy is the single market, and that is what we are determined to safeguard.