Eurozone Crisis

Robert Halfon Excerpts

Thursday 27th October 2011 Commons Chamber

[Mr Osborne]

I think that the hon. Gentleman is being a little unfair to Conservative Back Benchers. Actually, quite a lot of Eurosceptics would argue—as I would, as a Eurosceptic—that we always said that this would happen if we joined the single currency. We always said that it would result in losing national sovereignty, co-ordinating budget policies or giving away powers over budgets. That is one of the reasons that we did not want Britain to join; it is why we stayed out. Given that monetary union logic leads to greater fiscal integration, we should let that happen, because I think that it will make the euro work better. As I have said, however, Britain wants no part of it.

[Robert Halfon (Harlow) (Con)]

Harlow taxpayers will be very relieved that none of their hard-earned money is to be used to prop up failed socialist Governments in Europe. They will also want to be sure, however, that my right hon. Friend will do all that he can to repatriate powers from Europe, unlike Labour Members, who believe that everything in the EU garden is rosy.

[Mr Osborne]

I absolutely agree with my hon. Friend that we are going to seek to rebalance those responsibilities. He also draws our attention to the fact that Greece and Spain are run by socialist Governments, but I do not want to intrude on their politics.