Lord Austin of Dudley
Main Page: Lord Austin of Dudley (Non-affiliated - Life peer)Department Debates - View all Lord Austin of Dudley's debates with the HM Treasury
(13 years, 9 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Osborne
First, I will look at my hon. Friend’s FOI request, because I have not seen it. The broader point that I would make is that my predecessor as Chancellor, in the weekend between the general election and the creation of the new Government, agreed to the creation of the European stability facility. That involves a UK commitment which takes place on the basis of qualified majority voting; we do not have a veto. I made it clear to the previous Chancellor at the time that I did not support what he had done. However, it has happened and we have to live with the consequences.
Ian Austin (Dudley North) (Lab)
In a speech to the City in 2008, several months after the collapse of Northern Rock, the then Leader of the Opposition—now the Prime Minister—complained that the City had been subjected to too much regulation and to “excessive bureaucratic interventionism”. He also said that
“government needs to do less taxing and regulating”.
Can the Chancellor tell us what he meant?
Mr Osborne
I am reminded of the speech in the City made by the right hon. Member for Morley and Outwood (Ed Balls), when he said in 2006:
“In my first speech as City Minister at Bloomberg in London, I argued that London’s success has been based on…light-touch…regulation”.
He also said that he hoped the City would take comfort from the way the Labour Government had responded to new risks and to events. That is the Bloomberg speech that he likes to forget.