European Council

Marcus Jones Excerpts

Monday 22nd October 2012 Commons Chamber

[The Prime Minister]

Of course—my hon. Friend makes an important point. I am not saying that we should stand up just for financial services and not for other industries. The industries he mentions are extremely important. However, we account for around 40% of the EU’s financial services, so it is an important industry. I am not a mercantilist, but it is one industry segment in which we have a substantial positive trade balance with the EU. A British Prime Minister, Foreign Secretary or Business Secretary would not be doing their duty if they did not speak up and point out some of the dangers of not having reasonable outcomes on those issues, but my hon. Friend is absolutely right that many other industries benefit from being members of the EU and from ensuring that we are writing fair rules for the single market.

[Mr Marcus Jones (Nuneaton) (Con)]

My constituents will be horrified at any suggestion to increase the EU budget or the UK’s contribution to it at a time of such austerity here. I can assure my right hon. Friend that the vast majority of my constituents want him to stick to his guns on the multi-year settlement, to get a good deal for the UK, and to do what is best for the UK. Will he assure my constituents that they will be pleased with the outcome when the time comes?

[The Prime Minister]

I can certainly give my hon. Friend the assurance that we will stick to our position on that. I cannot tell him when a deal will be done—it does not have to be done this November. The important point is that the British position on not wanting real-terms increases will stay in place whether the deal is done in 2012, 2013, 2014 or at any point in future. That is the key thing that everyone needs to know.