Jonathan Fryer

Writer, Lecturer, Broadcaster and Liberal Democrat Politician

The City in Europe

Posted by jonathanfryer on Monday, 9th September, 2013

Vince CableVicky PryceGisela Stuart 1Jesse NormanA referendum on Britain’s membership of the European Union isn’t expected until 2017, and may not happen then, but the arguments for both In and Out are getting more insistent. This evening, the magnificent Great Hall at the Guildhall in the City of London hosted a capacity crowd to hear a debate on the question “The City in Europe: Will the Square Mile Prosper if Britain Leaves the EU?”, organised by the Evening Standard newspaper and moderated by Jon Sopel of the BBC. The Lord Mayor of London, Roger Gifford, left no doubts as to where his sympathies lay when in his introductory remarks he stressed London’s importance as a centre for financial and other services and how some banks and firms in the City would pack up and leave if the UK withdrew from the EU. The Business Secretary, Vince Cable, pursued the same theme in one of the most pro-EU speeches I have heard him make; unlike many Liberal Democrats Vince does not have a particularly strong emotional attachment to anywhere on the continent; if any one country is close to his heart it is India. Nonetheless, he argued that EU membership is crucial for Britain’s economy and jobs. The UK is the third largest recipient of direct foreign investment (after China and the USA) and many of those investments are linked to Britain’s position in the EU. Gisela Stuart is unusual in being a Labour Eurosceptic (and MP for Birmingham Edgbaston), despite being born in what was then West Germany; but her line was indeed Eurosceptic rather than Europhobe. She felt that if some powers were repatriated (as David Cameron hopes) and the Eurozone’s economy picked up well then the British public might be likely to vote to stay in the EU. Jesse Norman, the Conservative MP for Hereford and South Herefordshire (just sacked by David Cameron for voting against the recent Government motion on Syria) took a different approach, answering the question of the debate directly by asserting that the City was strong enough to withstand the effects of Britain joining the EU. He was coy about whether he would vote Out now, but mildly optimistic that the Government will win some concessions in a renegotiation. Vicky Pryce, the Greek economist (and LibDem member) also thought that there might be some repatriation of powers, mainly because several other member states were thinking along similar lines. But she, of course, believes strongly Britain should stay a member. Had I had the opportunity to put a question to the panel, I would have reminded them of Herman Van Rompuy’s remark about people not winning arguments in a meeting if they have their coat on and one hand on the door — and I would have asked them whether the City might not benefit if David Cameron heeded that advice.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

 
%d bloggers like this: