G8 and NATO Summits

Peter Bone Excerpts

Wednesday 23rd May 2012 Commons Chamber

[The Prime Minister]

One of the things the UK did in the strategic defence review was to invest some of the savings made—from memory, I think it was £900 million—in a cyber-defence programme. That is being co-ordinated with GCHQ, but also involves the private sector. We hope to work with other NATO members on that capability to make sure that we share best experience and endeavours, and that should lead to savings for us and for others.

[Mr Peter Bone (Wellingborough) (Con)]

The euro is as dead as Monty Python’s parrot: it is no more, it has ceased to be, it has expired. So why do the euro elite continue to claim that it is alive and well? Is it not essential that Europe implements an orderly break-up of the eurozone before the markets force an economic tsunami?

[The Prime Minister]

Like my hon. Friend, I have always been a genuine euro-sceptic—sceptical about the euro—which is why I did not want to join it. We have to recognise, however, what is in this country’s interest, which is for the eurozone to sort out its issues and difficulties. I believe that will involve greater fiscal transfers and it must involve eurobonds over time. As I have said, it involves a more active monetary policy in Europe. We should encourage our European partners to go down this road to make sure that their system works properly. There are real dangers from disorganised exits from the euro. It is not just that countries would devalue, which would have an impact on us, as we have to think about the impact on financial institutions and banks around Europe, including on British banks. It is very important that the eurozone takes the necessary steps to put in place the contingency plans to keep it safe.