European Council

Gavin Shuker Excerpts

Monday 22nd October 2012 Commons Chamber

[The Prime Minister]

My hon. Friend has absolutely hit the nail on the head. We want the eurozone banking to go ahead, but there are dangers, because if the ECB members voted en bloc in the European Banking Authority, they would automatically have qualified majority voting—that is the problem. That is why the conclusions of the summit include these words:

“An acceptable and balanced solution is needed regarding changes to voting modalities and decisions under the European Banking Authority…Regulation.”

That is very important conclusions language that we fought quite a battle to secure. My point is that I do not want to veto the banking union, but unless this problem is properly sorted—and Britain has a totally legitimate argument about why it needs to be sorted—we cannot allow it to go ahead.

[Gavin Shuker (Luton South) (Lab/Co-op)]

The Prime Minister has said before that he brings something significant to the EU growth party. Can he inform the House what it is?

[The Prime Minister]

Among the most important things that Europe can do for growth are trade deals with the fastest growing parts of the world, completing the single market, and deregulating and cutting costs. All those are the agendas that Britain is driving forward and having greater success with than we have had for many years.