European Council

Denis MacShane Excerpts

Monday 22nd October 2012 Commons Chamber

[The Prime Minister]

The European Union is going about this change to banking union through a treaty base that requires unanimity, so Britain has a full part in the discussions; but I do not want us to veto proposals for a banking union for the eurozone because I think the eurozone needs a banking union. We should be putting our negotiating heft, as it were, towards ensuring that those of us remaining outside the banking union have proper safeguards. Let me make one last point: I am sure that my hon. Friend knows that a lot of financial services regulation in the European Union is already done by qualified majority voting.

[Mr Denis MacShane (Rotherham) (Lab)]

If a referendum were held tomorrow, the Prime Minister would be in my camp in voting to stay in the European Union. According to one of Lord Rothermere’s organs, the Secretary of State for Education said that if there were a referendum today on whether the UK should cut its ties with Brussels, he would vote to leave. What is the Cabinet position? Is it that of the Secretary of State, who is an out-er, or that of the Prime Minister, who, like me, is an in-er?

[The Prime Minister]

I hate to disappoint the right hon. Gentleman, but we are not having an in-or-out referendum on the European Union tomorrow. I want us to achieve a new settlement between Britain—the United Kingdom—and the European Union and to put that new settlement to fresh consent. That is what should happen. I think that the idea of an in/out referendum is wrong, because I neither support the status quo nor think that leaving is the right answer.