G20

Ronnie Campbell Excerpts

Monday 7th November 2011 Commons Chamber

[The Prime Minister]

My hon. Friend puts his finger on it. Some other countries are using the cover of a financial transactions tax to get off the fact that they have not met their targets for overseas development assistance. In all the figures that we bandy around about the financial transactions tax, it is worth bearing in mind the fact that around 80% of it would be raised from businesses in the United Kingdom. I am sometimes tempted to ask the French whether they would like a cheese tax.

[Mr Ronnie Campbell (Blyth Valley) (Lab)]

Seeing that the European Central Bank has been told to sit on its hands, obviously by the Germans, is it not time that the Prime Minister reminded the Germans that it was the Marshall plan that saved their country after the war?

[The Prime Minister]

The European Central Bank is independent; no one is able to tell it what to do. There is a very strong case for saying that the eurozone institutions, including the ECB, need to do more to stand behind their currency and their currency zone, but we have to understand why the Germans feel as strongly as they do, and it is partly based on their history and what they feel went wrong in the 1920s and ’30s. None the less, I think that the argument that the ECB and the eurozone institutions need to do more is right.