Eurozone

Lord Forsyth of Drumlean Excerpts

Thursday 17th May 2012 Lords Chamber

[Lord Sassoon]

My Lords, we are not excluding ourselves from very important decisions; we are saying that it is for members of the eurozone to take the lead in sorting out the problems with the euro. We are very much at all the discussions. As well as questions of potential and past bailouts, we are discussing growth strategies and the completion of the single market, which will put Europe back on a sustainable growth path.

[Lord Forsyth of Drumlean]

My Lords, what is complicated about our country borrowing at an increasing rate so that the national debt will be 50% larger in seven years’ time? What is complicated about ruling out providing money to the eurozone that we do not have to spend?

[Lord Sassoon]

My Lords, I have been completely clear that as of this July, the mechanism in the eurozone, which the previous Government signed us up to, will no longer make any future commitments. The new permanent mechanism that is being put in place is a eurozone-led mechanism and the UK is not part of it.