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European Council

My Lords, I wholly understand why my noble friend would ask for a debate; obviously this is an area of great interest. Perhaps I may suggest that the usual channels should meet, perhaps with representations from all parties and groups in this House, to see whether we can find a time. As the House knows, we will rise for Christmas next Wednesday. It might be a little bit difficult to find a suitable date before then, and in any case it might be better to meet again in January to discuss these issues. We had a very successful debate on 1 December but I am not averse to having a further one. My noble friend also asked a question about the Chancellor of the Exchequer saying that he was planning for all eventualities. The reality of our decision not to join the euro means that, for some time now, the eurozone countries have developed and continue to develop their own arrangements. For the UK and other countries that have not joined the euro, that means being vigilant in protecting our national interests. That will remain the case, but it is nothing new. We will continue to exert our influence on financial services legislation and on single market legislation more broadly. But I am sure that, for reasons which I am sure the House will understand, the Government do not comment on the detail of their contingency planning in order to ensure that we can best protect the interests of the whole economy, including the City.