John Redwood (Wokingham) (Con): Has my hon. Friend seen the work of the so-called five presidents of the euro area, which sets out how they wish to press for full fiscal union, with a euro Treasury and a euro budget under central control. Will he assure the Committee that we will have nothing to do with any of that?
The Financial Secretary to the Treasury (Mr David Gauke): Yes; my right hon. Friend makes an important point about the euro area. No doubt he will have heard the speech delivered by my right hon. Friend the Chancellor of the Exchequer (Mr George Osborne) at the Mansion House a couple of weeks ago, in which he made it clear that one of our priorities in the UK’s negotiations ahead of any referendum will be to ensure that the “euro-outs”—the European Union member states that are not in the eurozone—are properly protected and do not find themselves disadvantaged by the eurozone countries working together to the disadvantage of the “euro-outs”. That is a real priority for the United Kingdom.
July 1, 2015
So in effect a two speed Europe.
How is this better than being in anew EFTA or EEA?
If the Euro piles and in campaigners accept this arrangement surely they accept out and trade only.