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European Union Bill

The euro might be weak in relation to some other countries, but it is certainly not weak in relation to the pound sterling. The pound sterling is doing abysmally in relation to the euro, and partly in consequence of that so is our budgetary contribution to the European Union, about which there are permanent complaints from Members opposite. Complaints are being made very merrily at the moment about what will happen if Mr Cameron and Mr Osborne fail to control the Commission with regard to the budget for next year, for which the aspirations are for an increase of 4.9 per cent. The 4.9 per cent is largely the product of the relationship of the pound sterling to the euro. We, and not just the countries in euroland, have a responsibility in that regard. I think that your Lordships are becoming engaged in a rather tortuous argument. That started off with the noble Lord, Lord Waddington, who I think should be a worried man when he gets praise for what was the alleged excellence of his speech by the noble Lord, Lord Pearson of Rannoch. In his speech, he flipped over quite a number—