EU: Financial Assistance to Member States

Lord Barnett Excerpts

Monday 19th July 2010 Lords Chamber

[Lord Sassoon]

My Lords, I have not had this kind of stereophonic or quadraphonic experience before.

I note what my noble friend says about strengthening currencies but it is not the Government’s practice to comment on movements in the currency markets.

[Lord Barnett]

My Lords, does the noble Lord accept that there are potential serious losses to UK banks, not least those owned by taxpayers? I hope he is saying that it would be sensible to occasionally join in with good and sensible proposals to help those UK taxpayers.

[Lord Sassoon]

Indeed, my Lords. Out of the €500-billion package agreed on 9 May, the UK participates in the €60-billion element of it. I agree that it is appropriate the UK should play its part. I remind the noble Lord that on Friday 23 July the bank stress tests will be published, which will be another important component in ensuring the stability of Europe and the eurozone.