Economy: Eurozone

Lord Forsyth of Drumlean Excerpts

Monday 21st June 2010 Lords Chamber

[Lord Sassoon]

My Lords, I can give an assurance that any request to submit the UK Budget to Europe will not be completed until the Budget has been submitted to and approved by the UK Parliament.

[Lord Forsyth of Drumlean]

My Lords, does my noble friend agree that we want to see growth in Europe and businesses growing, expanding and being given the opportunity to borrow money from the banks? Is it therefore a sensible time to think about taxing the banks and reducing their ability to make that money available?

[Lord Sassoon]

My Lords, I think that we will probably come back to the question of bank levies tomorrow after my right honourable friend the Chancellor of the Exchequer’s Budget. He has made it completely clear that the UK supports bank levies. We will take unilateral action, but we want to seek international agreement to make sure that the bank levies are, as far as possible, introduced on a common basis.