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Financial Services Bill

I am sure that my hon. Friend will not in any way give in on my point, but I hope that he will at least take serious account of it—I have raised it with him many times. It comes back to what I put to the Chancellor: in a situation in which majority voting prevails, if the architecture and the final decision—in other words, the control rather than who is in charge—turns on the European structure, does my hon. Friend agree that we must show today and in our debate in a couple of days that we will not fall for the argument that we do better through the City of London being in the European architecture? Majority voting means that we will be consistently outvoted. That is where the power lies and I hope that my hon. Friend accepts that that is a serious matter, which needs to be considered.