Financial Transaction Tax and Economic and Monetary Union

Debate between Michael Connarty and Greg Clark

Tuesday 18th June 2013 Commons Chamber

[Greg Clark]

We have been very clear, and the single supervisory mechanism is a good example, as I have said. We have our arrangements for the supervision of our banks, which are centred around the Bank of England, and it is absolutely right that they should continue in that way, but as each of these proposals is made, we will need to look to our national interest and make sure that our rights are protected.

[Michael Connarty (Linlithgow and East Falkirk) (Lab)]

That was a specific point, but I want to say that it is not only Members of the right hon. Gentleman’s party who have serious questions about primacy. On the European Scrutiny Committee, there is a cross-party problem in particular with the President of the EU’s report “Towards a Genuine Economic and Monetary Union”, which talks about contracts written by the EU—by the Commission—that will be binding on the countries that sign them, and that will then have penalties if they do not carry them out, taking power away from those countries. There is also the question of what happens then with the impact—

Oral Answers to Questions

Debate between Michael Connarty and Greg Clark

Tuesday 11th December 2012 Commons Chamber

[Greg Clark]

I am glad the hon. Gentleman has asked me that question. I agree that customers who have been mis-sold products need quick redress, so I have pushed the FSA and it has agreed to implement a six-month maximum time scale for the banks to complete the review and provide the redress. I have also asked the banks and they have agreed to stop payments on these products for businesses facing financial difficulty.

[Michael Connarty (Linlithgow and East Falkirk) (Lab)]

T1. If he will make a statement on his departmental responsibilities.