EU Council

Lord Campbell of Pittenweem Excerpts

Monday 12th December 2011 Commons Chamber

[The Prime Minister]

There have been any number of examples of frankly discriminatory legislation against financial services in the European Union that have affected Britain very badly. Let me give the right hon. Gentleman one example. At the moment, the ECB is taking Britain to court on the basis that we should not be able to clear euros through London. So we would be put in the extraordinary position that banks in Britain could clear Swiss francs, dollars and yen, but—even though we are in the single market—we could not clear euros. That is one example of discriminatory legislation. When you are faced with a situation in which the 17 eurozone members want to go into a further treaty within the European Union, with all the powers and force that would have—[Interruption.] They are not going to have a treaty within the European Union: they are doing it outside—it is right to seek safeguards. That is why the right hon. Gentleman is naive not to understand that.

[Sir Menzies Campbell (North East Fife) (LD)]

May I congratulate my right hon. Friend on his unequivocal statement that our membership of the European Union is vital to our national interests, and express the hope that he may give it some wider currency in his own party? He mentioned both the single market and the eurozone. What practical steps can our Government take now to assist in reaching a solution to the problems of the eurozone and towards enhancing the opportunities provided by the single market, both of which are essential to the economic prosperity of this country?

[The Prime Minister]

Let me repeat again to the right hon. and learned Gentleman that I do believe that it is in Britain’s interest to be in the European Union and to be active, especially on those dossiers where that is in our interest—chief among which is the single market. If we want to see what will make a difference to the single currency and the success of the eurozone, nothing matters more than competitiveness, where Britain should be very active, with others both in the eurozone and outside, to drive forward changes. We are fully committed to keeping up that work.