---

European Union (Amendment) Bill

I am very grateful to the noble Viscount for giving way and I apologise for interrupting, but is that not a misunderstanding? All the people whom one talks to in the City of London are very keen on all these entities getting together and creating greater strength from the collectivity as well from the success of London as the primordial financial centre. This country has a low manufacturing base, unfortunately, and therefore we tend to have a trade deficit with most other advanced countries, including within the EU, but we make up for it with the surplus from financial and other services and from Stock Exchange transactions and all the rest of the City’s financial transactions. That is a huge asset, and there is no fear in the City that that will be taken away by greater co-operation with other Europeans.