EU: Membership

Lord Maclennan of Rogart Excerpts

Thursday 5th December 2013 Lords Chamber

[Lord Popat]

It is important and in our national interest to stay in the EU. We are for the EU. The EU brings a lot of prosperity to the UK, including approximately 3.5 million jobs and around 11% of the workforce. In 2011, 47% of our exports were to the EU. Without any doubt, we are for EU membership. However, we need a reformed European Union. We need to compete in the global race. In order to compete in the global race, it is important that we reform the European Union; hence, the mandate for the European Union Bill.

[Lord Maclennan of Rogart (LD)]

My Lords, have the Government engaged in dialogue with the City of London Corporation about the anxiety felt by financial institutions about what would happen if Britain left the EU? Did he notice the statement yesterday by Michael Sherwood, a co-director of Goldman Sachs, that if the country left the EU, it would move its offices to Paris or Frankfurt?

[Lord Popat]

My Lords, there is no question of leaving the EU, which is very important for trade and prosperity. But we need a reformed EU, in particular for SMEs and micro-businesses.