European Council

Andrea Leadsom Excerpts

Monday 24th October 2011 Commons Chamber

[The Prime Minister]

The right hon. Gentleman reminds us that Margaret Thatcher did indeed put her money where her mouth was. The only trouble was the next Government came along and gave it away when they gave up the rebate for absolutely nothing in return.

[Andrea Leadsom (South Northamptonshire) (Con)]

Will my right hon. Friend speculate on what the cost would have been to the taxpayer if he and my right hon. Friend the Chancellor had not negotiated to get Britain out of the bail-out mechanism?

[The Prime Minister]

The point about the bail-out mechanism is that we were left exposed by the last Government because of the existence of the European financial stabilisation mechanism. Although we are still at risk between now and 2013, what we have secured is that we have ended that from 2013. That is an achievement. We also stayed out of the second Greek bail-out, and that was an achievement. Those things have saved real money, and it is really important for people to understand that the Government have been focused on delivering something really concrete and important for the British people at this time.