Ireland: Financial Assistance

Lord Inglewood Excerpts

Monday 22nd November 2010 Lords Chamber

[Lord Sassoon]

I am grateful to the noble Lord for his remarks. I shall not criticise other countries for the running commentary that they have given on certain aspects of the developing situation, but the noble Lord gives me the opportunity to confirm that the UK believes in tax competition in Europe. We certainly have not been and will not be a party to some chorus telling the Irish how they should set their levels of corporate taxation, any more than we would want people to lecture us on how to set it.

[Lord Inglewood]

My Lords, I must first declare an interest, because the price of the beef cattle I sell has fallen by about £100 a head because of the turbulence in Ireland. Does that not show that this is not merely a matter of politics and economic theory; it is an episode which has a real bearing on the prosperity of people in our country? That should be at the centre of the Government's thinking about how to respond to the circumstances in which we find ourselves.

[Lord Sassoon]

I am very grateful to my noble friend and completely agree with his sentiments. It is always good to be reminded that our economy has an important agricultural component to it and that that is part of what the Government’s possible contribution to this package is helping to protect.