Loans to Ireland Bill (Allocation of Time)

Debate between Lady Hermon and Mark Hoban

Wednesday 15th December 2010 Commons Chamber

[Mr Hoban]

I do not wish to pre-empt the remarks that my right hon. Friend the Chancellor of the Exchequer will make on Second Reading, but I can provide that assurance to my hon. Friend.

The Bill is needed to provide statutory authority for the Treasury to pay out the funds involved. Any loan agreement is contingent on obtaining that necessary authority. In improving the overall package of financial assistance to Ireland, our international partners need to be sure that the UK will have the necessary legislation in place to allow it to fulfil its part.

[Lady Hermon (North Down) (Ind)]

Will the Minister clarify one point that confuses me? The Bill is entitled the Loans to Ireland Bill, but the explanatory notes, which I know are not binding, keep referring to, and imply that there is, a single loan. How many loans will there be to Ireland? Is there a limit?

[Mr Hoban]

As my right hon. Friend the Chancellor will say in his speech, the loan will be disbursed in eight tranches, if called on by the Irish Government. That is the reason why the title is in the plural rather than in the singular.

European Union Economic Governance

Debate between Lady Hermon and Mark Hoban

Wednesday 10th November 2010 Commons Chamber

[Mr Hoban]

Let me make some more progress; otherwise, hon. Members will not have the opportunity to participate in the debate. Let me continue for a few more moments.

Many organisations and individuals, including the IMF and the OECD, scrutinise our economy and our budgets. Many make recommendations or, as happened recently, praise our fiscal consolidation plans. We have nothing to hide from any of these bodies that want to look at what we announce to Parliament or at the economic figures published through the Office for National Statistics or through Departments. It is our decision whether or not we listen to their advice. The UK will continue to prepare its Budget independently; others can make recommendations about it, but, crucially, we are under no obligation to take action and, by virtue of our opt-out, we are not subject to sanctions. Any recommendations, as with those made by any other body, will remain just that. It will be down to the Treasury and Parliament, not to the EU, to construct our Budget.

[Lady Hermon (North Down) (Ind)]

I am enormously grateful to the Minister for taking my intervention. As the hon. Member for Stone (Mr Cash) said, these regulations are entirely binding on the United Kingdom. Can the Minister assure us that, if the Government decline to give the information requested under these regulations, the European Commission will not take enforcement proceedings against the UK Government for not complying with them?

[Mr Hoban]

I do not see the point of not sending information that is already in the public domain. Why would we be so churlish as not to send out stuff that could be got from Google or from the Library or by tabling a written question to the Prime Minister?