EU Budget (Surcharge)

Debate between George Osborne and Wayne David

Monday 10th November 2014 Commons Chamber

[Mr Osborne]

My hon. Friend is absolutely right. We are pushing the case for reform in Europe while the Opposition want no reform in Europe. The people of Wolverhampton and elsewhere in the country have a very clear choice at the election. If they vote Labour, they will pay more to Europe; there will be no reform in Europe; Europe will continue to hold back the British economy because it is unreformed; and, of course, they will have no say. If they vote for the Conservative party, they will get a say on Britain’s future in Europe.

[Wayne David (Caerphilly) (Lab)]

The Irish Finance Minister has said:

“My understanding is that the UK will pay the whole amount”.

Is the Chancellor seriously saying that the Irish Finance Minister is wrong?

Oral Answers to Questions

Debate between George Osborne and Wayne David

Tuesday 1st November 2011 Commons Chamber

[Mr Osborne]

Those who were against Britain joining the euro, including my hon. Friend and me, were against it partly because we felt that it would lead to greater fiscal integration. That was one of the arguments for keeping Britain out. There is a remorseless logic driving monetary union towards greater fiscal integration, but it is in Britain’s overwhelming economic national interest to have stability in the eurozone, so I think that that fiscal integration is part of what is required. Of course, we have to ensure that Britain’s interests are protected, that we are not part of that fiscal integration, and that issues such as the single market and financial regulation are conducted at the level of the 27.

[Mr Wayne David (Caerphilly) (Lab)]

The Chancellor talks a great deal about fiscal integration in the eurozone, but will he tell us precisely what he means by fiscal integration?

[Mr Osborne]

We shall see the 17 members of the euro attempting to co-ordinate their budget policies better, and more mutual surveillance, with sanctions, for those who do not do what has been agreed. I have to say that the confusion, if there is any, is in Labour’s policy, because it is now holding open the prospect of membership of the euro, which would be the ultimate fiscal and monetary integration.

Eurozone Crisis

Debate between George Osborne and Wayne David

Thursday 27th October 2011 Commons Chamber

[Mr Osborne]

The short answer is that we will find out whether China wants to contribute. The President of France is speaking to the President of China today, and he will no doubt give us all an update following that conversation.

[Mr Wayne David (Caerphilly) (Lab)]

Much to the annoyance of some of his Back Benchers, the Chancellor supports greater fiscal integration within the eurozone, but what precisely does he mean by greater fiscal integration?

[Mr Osborne]

I think that the hon. Gentleman is being a little unfair to Conservative Back Benchers. Actually, quite a lot of Eurosceptics would argue—as I would, as a Eurosceptic—that we always said that this would happen if we joined the single currency. We always said that it would result in losing national sovereignty, co-ordinating budget policies or giving away powers over budgets. That is one of the reasons that we did not want Britain to join; it is why we stayed out. Given that monetary union logic leads to greater fiscal integration, we should let that happen, because I think that it will make the euro work better. As I have said, however, Britain wants no part of it.