Eurozone

Nigel Evans Excerpts

Monday 10th October 2011 Commons Chamber

[Several hon. Members]

rose—

[Mr Deputy Speaker (Mr Nigel Evans)]

Order. I am going to ask for very short questions as we will move on at 5.45 pm, irrespective of whether Members are still standing.

[Mr Denis MacShane (Rotherham) (Lab)]

For five centuries, British policy has been to oppose any hegemon on Europe, whether a single religion, a single state, a single economic model or a single ideology. Why is the Chancellor so keen on creating a fiscal and monetary union that would dictate terms of commerce, trade and banking rules to this country?

--- Later in debate ---

[Mr Osborne]

Of course, a number of eurozone countries have seen their credit rating suffer, and have seen it downgraded. That has impacted on the cost of borrowing for their Government and their citizens. That is one of the reasons why it is so important that we maintain a credible fiscal policy—something to which the Governor of the Bank alluded last week, and to which all business organisations have alluded. As far as I can see, only the shadow Chancellor now opposes that.

[Mr Deputy Speaker (Mr Nigel Evans)]

I thank the House for its co-operation. We managed to get everyone in, within time.