Only a few days to go: We’re raising £25,000 to keep TheyWorkForYou running and make sure people across the UK can hold their elected representatives to account.

Donate to our crowdfunder

Banking Union and Economic and Monetary Union

Part of Free School Meals (Children Over the Age of 16) – in the House of Commons at 5:18 pm on 6th November 2012.

Alert me about debates like this

Photo of Chris Leslie Chris Leslie Shadow Minister (Treasury) 5:18 pm, 6th November 2012

The hon. Gentleman is too kind, as uncharacteristic of him as that may be.

I am afraid that this is a tall order for the Government to negotiate. It is a conundrum. I do not in any way shrink from the mountain that needs to be climbed in squaring this circle, if I may mix my metaphors in that way. I am just concerned that the Government’s approach—perhaps an echo of their approach to the EU budget—is not ambitious enough. I urge hon. Members to talk to institutions across the City of London and to financial services practitioners across the country. They are very worried about their position if they are not able to be part of a single market. They know very well that there are forums in which the rules will be made and shaped, and yet of course they want to reserve our rights from a UK position. Somehow, we have to try to forge a negotiating strategy that manages to do better.