European Council

David Mowat Excerpts

Monday 22nd October 2012 Commons Chamber

[The Prime Minister]

My hon. Friend makes an extremely intelligent point. The creation of the single currency has created a different dynamic in Europe. Inevitably, if countries are not in and do not want to join the single currency, they will not be involved in every single discussion about the future of the single currency. That is what has created different pathways in the European Union. We must be mature about and accept that fact, and think, “Now we know it, how can we best protect and defend the British interest in the EU?” She makes a very important point.

[David Mowat (Warrington South) (Con)]

Much of the discussion this afternoon has been on the need to protect our banking industry from regulation. For the avoidance of doubt, will the Prime Minister confirm that all our other exporting industries, such as pharmaceuticals, energy and oil, will be given the same respect in our negotiating position?

[The Prime Minister]

Of course—my hon. Friend makes an important point. I am not saying that we should stand up just for financial services and not for other industries. The industries he mentions are extremely important. However, we account for around 40% of the EU’s financial services, so it is an important industry. I am not a mercantilist, but it is one industry segment in which we have a substantial positive trade balance with the EU. A British Prime Minister, Foreign Secretary or Business Secretary would not be doing their duty if they did not speak up and point out some of the dangers of not having reasonable outcomes on those issues, but my hon. Friend is absolutely right that many other industries benefit from being members of the EU and from ensuring that we are writing fair rules for the single market.