European Council

Jacob Rees-Mogg Excerpts

Monday 22nd October 2012 Commons Chamber

[The Prime Minister]

Those are all subjects that were not discussed in any great depth at the European Council.

[Jacob Rees-Mogg (North East Somerset) (Con)]

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?

[The Prime Minister]

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.