EU Budget (Surcharge)

Richard Drax Excerpts

Monday 10th November 2014 Commons Chamber

[Mr Osborne]

Of course, the shadow Chancellor estimated that it would cost £114,000 a year, which is the EU penal rate on £1.7 billion. If interest had been charged even on the rebateable amount, it would of course have been about half that figure.

[Richard Drax (South Dorset) (Con)]

May I congratulate my right hon. Friend on getting half the money back? That is certainly a step in the right direction. However, does it not show that one economic cap does not fit all in the EU, and never ever will?

[Mr Osborne]

My hon. Friend is right. That is why previous Conservative Governments achieved things such as the opt-out from the single currency, even though the previous Labour Government toyed with the idea of joining the single currency, which reveals—