Lord Tyrie
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(12 years, 5 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Andrew Tyrie (Chichester) (Con)
The Prime Minister must be right to do whatever is required to protect the 1.3 million jobs in our financial services sector. Will he confirm that the current EU proposals for the so-called maximum harmonisation of bank regulations could prevent us from implementing the conclusions of the Vickers commission to make our banks safer with a ring-fence?
The Prime Minister
My hon. Friend is entirely right. One of the things that we are concerned about is that if we want to take the extra action in this country to make our banks safe, including what Vickers is recommending, there is a danger—and this is the current advice—that the current European regulatory framework could stop us doing that. That is exactly the sort of safeguard—it is entirely reasonable, modest and relevant—to ask for in these negotiations. We did not get it, so, as a result, I was not content to go ahead with the treaty.