Oral Answers to Questions

William Cash Excerpts

Wednesday 9th November 2011 Commons Chamber

[The Prime Minister]

The hon. Gentleman has made an important point. However, the first responsibility for building the bail-out fund must lie with the eurozone members. As we said in the House on Monday, the problem at the G20 is that the G20, the International Monetary Fund and countries such as Britain cannot be asked to do things that the eurozone members are not themselves prepared to do.

We do stand ready to boost the IMF, we do want to help countries in distress, and we do not want to see our trading partners collapse. We understand that, even though we do not support membership of the euro, if countries fall out of the euro it could be very painful for our economy. However, it is for the eurozone countries to sort out the problems. It is their currency.

[Mr William Cash (Stone) (Con)]

In reply to my hon. Friend the Member for Orpington (Joseph Johnson), the Prime Minister referred to a firewall in relation to the bail-outs. Does he accept that what we really need is structural renegotiation of the treaties, given the impact that this is having on the United Kingdom? If I may use a cricketing analogy of which the Prime Minister will be aware, he would not be sent in with a broken bat. He would be sent in with a new bat, and with a united Conservative team behind him.

[The Prime Minister]

There is a long history in my party of cricketing metaphors and Europe ending unhappily, so I will not necessarily follow my hon. Friend down that path. What I will say is that we will defend the national interest. When there was a treaty change in the European Council we got something back for Britain, which was the ability to get out of the EU bail-out fund. If there are future treaty changes—some European countries are pushing for them—we will make sure that we achieve a good deal for Britain and protect our national interests.