Frank Dobson
Main Page: Frank Dobson (Labour - Holborn and St Pancras)Department Debates - View all Frank Dobson's debates with the Cabinet Office
(12 years, 5 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
The Prime Minister
I am very grateful for my hon. Friend’s support. The point I made in my statement about Europe being a network, not a bloc, is completely consistent with that. We should not be shy about its developing as a network, with some networks we want to be in and others we do not.
Frank Dobson (Holborn and St Pancras) (Lab)
Will the Prime Minister confirm that British banks and finance houses hold about £75 billion of bonds issued by eurozone Governments and that in the event of a default, with nobody representing Britain, he will still be expected to get the British taxpayer to bail some of them out?
The Prime Minister
The exposure of the British banks to European countries is published by the Bank of England—quite right, too—and obviously we want to avoid a collapse of the eurozone and to ensure that it takes the necessary steps to prevent that from happening. This Government will obviously always do whatever is necessary to safeguard our financial system and the economy.