Eurozone Crisis

Neil Carmichael Excerpts

Thursday 27th October 2011 Commons Chamber

[Mr Osborne]

The concept here is that first-loss insurance on newly issued debt from countries such as Italy, as my hon. Friend mentions, would be provided out of the special purpose vehicle. That would obviously make it easier for investors to buy bad debt.

[Neil Carmichael (Stroud) (Con)]

I welcome the Chancellor’s statement that some progress has been made to protect the eurozone. In parallel with repatriating powers, will the British Government make it absolutely certain that the single market becomes a place where competition can thrive and productivity can improve, as it is in our interest as well as that of the whole of Europe to make sure that it works well?

[Mr Osborne]

I could not agree more with my hon. Friend. The European single market has helped the UK economy over the last couple of decades. We want to see it completed further and we want to see the services directive properly implemented. Competition has brought great benefits not just to the economy, but to European consumers, including those in this country. To my mind, that is what the European Union exists to do. It should make its contribution to growth across the continent.