National Referendum on the European Union

Debate between Bernard Jenkin and Stuart Bell

Monday 24th October 2011 Commons Chamber

[Mr Jenkin]

I hope the hon. Gentleman will forgive me, but I have given way twice.

The same thing is happening in the regulation of the City of London. If there is one thing that we should never have agreed to in principle, it is that the European Union and Michel Barnier should take over the regulation of the City—our biggest single tax generator. That was driven by a misplaced notion that Bonn, Frankfurt, Paris and the City should be given equal status as global financial centres. That would be disastrous for the City.

We should oppose the Tobin tax on principle, because at the end of the day, it is another tax that takes money out of the pockets of ordinary people, but you wait, Mr Deputy Speaker, the financial transactions tax proposed by the EU will be forced through on some spurious treaty basis.

[Sir Stuart Bell]

indicated assent.

[Mr Jenkin]

The hon. Member for Middlesbrough (Sir Stuart Bell) agrees that that will be forced through on a spurious basis to cover the City. To coin a phrase, we can’t go on like this. Now that the EU is moving into a phase in which huge decisions, such as the decisions of the 17 on fiscal union, are being taken without the requirement of a British signatory on any treaty, we are losing the veto, which was the foundation of our EU membership and which made it acceptable.

Therefore, it is now time to renegotiate. It is urgent for our economy. If we need a referendum to force the Government’s hand, that is what I will vote for.