EU: Financial Assistance to Member States

Lord Hannay of Chiswick Excerpts

Monday 19th July 2010 Lords Chamber

[Lord Sassoon]

My Lords, I am not sure what the question is or what it has to do with Article 125, but we were all entertained by it.

[Lord Hannay of Chiswick]

My Lords—

[Lord Stoddart of Swindon]

My Lords, does the Minister agree that Members of the House can speak from any Bench they wish? Does he recall that until 1985 the Labour Party was in favour of complete withdrawal from the European Union?

On the Question, should not the Government ensure that the European Commission and European authorities obey their own laws and not expect member countries to obey laws on pain of a fine?

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[Lord Newby]

My Lords—

[Lord Hannay of Chiswick]

My Lords—

[Lord Campbell of Alloway]

My Lords—

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[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.

[Lord Hannay of Chiswick]

My Lords, does not the Minister agree that during these current economic and financial difficulties in Europe we would all do well to remember that, to coin a phrase, “We are all in this together”? Therefore it is in this country’s interest that countries in difficulties should be helped, as they are being.

[Lord Sassoon]

My Lords, as I have set out, the UK is indeed playing its part. Forty per cent of our exports go to the eurozone and it is absolutely critical that we play our part, not only in the current ongoing crisis but in influencing the structural reforms that Europe requires going forward.