European Council

Charlie Elphicke Excerpts

Monday 17th December 2012 Commons Chamber

[The Prime Minister]

There were no discussions about our relations with China on this occasion, nor were there discussions on energy policy, which take place at different European Councils, but I am always happy to meet my hon. Friend and hear his concerns.

[Charlie Elphicke (Dover) (Con)]

My right hon. Friend will be aware of the idea that, in future, City of London traders could deal in yen and in dollars but perhaps not in euros. Do the safeguards that he won in Europe protect the City of London from that risk?

[The Prime Minister]

My hon. Friend makes an important point. There have been moments over previous years when it looked as though, because of a location policy, it would have been possible to say that Britain could clear deals in pounds, in yen and in dollars but not in euros. As a member of the European Union, which is about free trade and a single market, this would have been a ridiculous state of affairs. The guarantee that my right hon. Friend the Chancellor secured on a no-discrimination policy takes us largely down the road we want to be on.