Jacob Rees-Mogg
Main Page: Jacob Rees-Mogg (Conservative - North East Somerset)Department Debates - View all Jacob Rees-Mogg's debates with the Cabinet Office
(11 years, 10 months ago)
Commons ChamberThose are all subjects that were not discussed in any great depth at the European Council.
I am sorry not to be able to follow the humorous line that we had from the hon. Member for Bolsover (Mr Skinner), but in the unanimous negotiations required for a European banking union, will the Prime Minister try and repatriate powers that are currently subject to qualified majority voting?
My hon. Friend asks an important question. We need to see how the banking union proposals develop. We do not yet know whether it will be a full-on banking union or a restricted banking union. We do not know for certain the treaty base that will be pursued. If it is pursued on a basis of unanimity, it is absolutely key to make sure we safeguard the single market. I am very conscious of the fact, sitting round that table, that I am responsible for 40% of the European Union’s financial services industry. That, I think, must be our focus during these negotiations.