Banking Reform

William Cash Excerpts

Thursday 14th June 2012 Commons Chamber

[Mr Hoban]

It has always been the case that I would make the statement today. This may come as news to the shadow Chancellor—it may be different from his experience when he was City Minister—but the Treasury is a team. We have worked together on these reforms, and it was always the intention that I would make today’s statement. The shadow Chancellor should not believe what he reads on Twitter.

[Mr William Cash (Stone) (Con)]

Having invested so much time advocating EU jurisdiction over banking in the City, how are the Government going to protect the City of London both from that EU jurisdiction and from qualified majority voting?

[Mr Hoban]

I think it is very clear that the emerging debate about a banking union flows from the problems we are seeing in the eurozone. It is important that the banking union helps resolve some of the problems in the eurozone, but it is a consequence of having a single currency, not a consequence of having a single market. It is important for the eurozone to move ahead in dealing with its problems and strengthening the banking regime within it. It is also important for the future of the City to ensure that there are proper safeguards over the functioning of the single market.