Part of Oral Answers to Questions — Treasury – in the House of Commons at 2:30 pm on 16 November 2010.
Justine Greening
The Economic Secretary to the Treasury
2:30,
16 November 2010
My hon. Friend is right that alongside the domestic economic mess we inherited, we also inherited an EU budget deal that was completely out of touch with the situation faced by many European countries. The fall in our abatement is largely due to the give-away agreed by the previous Government in 2005, which will be fully phased in from 2011. It is expected to cost the UK about £2 billion per annum. That is £2 billion that was needlessly given away for absolutely nothing in return-yet another failing of the British people by the Labour party.