European Council

Nadhim Zahawi Excerpts

Monday 5th March 2012 Commons Chamber

[The Prime Minister]

I am grateful to my hon. Friend. Most of the measures in paragraph 15 were not in the original draft of the communiqué. What was decisive was that it was not just the usual suspects, such as the Swedes, the Danes, the Dutch and the British, coming forward with the agenda; we also had support from the Italian and Spanish Prime Ministers, who have not always championed this agenda, but who now see that it is vital for European growth.

[Nadhim Zahawi (Stratford-on-Avon) (Con)]

Consistency delivers results, so whereas Opposition Members have been criticising the Prime Minister for being consistent in pushing for a digital single market, I congratulate him because, apart from silicon valley, the UK is uniquely placed to take advantage of that. More specifically, did he get a chance to discuss with his colleagues why it costs so much more to start a company in Europe than in America, Canada or India?

[The Prime Minister]

My hon. Friend makes a good point. The truth is that if we want to get anywhere in Europe, we have to be a bit of a bore about things and keep going back to them again and again and again. Countries across Europe need to look at all the steps we have put in the way of people starting up businesses. There is the venture capital issue, for instance: for every dollar raised in Europe for venture capital, $5 are raised in America. That is yet another area in which Europe needs to do better.