New Clause 1 — Impact of the European Stability Mechanism on the UK

Part of European Union (Approval of Treaty Amendment Decision) Bill [Lords] – in the House of Commons at 6:15 pm on 10th September 2012.

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Photo of Denis MacShane Denis MacShane Labour, Rotherham 6:15 pm, 10th September 2012

Are not the IMF and World Bank loans, to which Britain fully subscribes—we will be subscribing absolutely nothing to the ESM—also worthy of scrutiny? Would it not be a good idea to extend this concept and invite the Chancellor of the Exchequer to present to Parliament an annual review of all IMF and World Bank loans, the conditionality of which has a huge impact on the British economy and worldwide developments? I am interested in this notion that we are now advancing, which I fully support, that Parliament should debate all the external loans and financial instruments that Britain provides to help other economies get going, as well as those in Europe to which we do not subscribe a penny.