Hugh Bayley
Main Page: Hugh Bayley (Labour - York Central)Department Debates - View all Hugh Bayley's debates with the Cabinet Office
(13 years ago)
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The Prime Minister
I certainly agree that the Durban outcome is worth while and it is a staging post towards another global deal, which is very worth while. I am afraid I do not see any contradiction between being incredibly positive and constructive and having a bottom line. When you have a bottom line, it is quite important that you stick to it.
Hugh Bayley (York Central) (Lab)
Over the years to come, as a result of the Prime Minister’s decisions, economic and financial power will inevitably drain away from London to Frankfurt. How is that in the interests of British manufacturing or British financial services?
The Prime Minister
This is exactly the argument that was made about the euro. I remember it very well. People said that if we did not join the euro, Frankfurt would be the major financial centre of Europe and not Britain. Frankly, it was scaremongering then and is scaremongering now—from the same people.