EU Treaty Veto

James Brokenshire has given his support to the Prime Minister’s decision to exercise Britain’s veto at the recent EU summit on the current Eurozone crisis.  Commenting James said:

"Putting our financial services industry at risk by accepting a new EU wide treaty just because everyone else was wouldn't have been in our national interest. David Cameron took a tough decision in using Britain's veto, but I believe the right one.

"The Prime Minister sought reasonable assurances on the implications for our financial services industry - on which so many jobs rely - if a more integrated Eurozone was enshrined within the framework of the EU single market.  Because the Eurozone countries weren't prepared to seriously consider the modest safeguards requested on issues such as preserving the single market and retaining powers for UK regulators, he couldn't agree to the treaty.

"The key issue for the British economy and getting investment flowing is resolving the Eurozone crisis.  The longer the crisis continues, the greater the chilling effect on our financial well-being.  Progress has been made and members of the Euro have now established a new agreement to help find a path out of the current difficulties.  But there is more work to be done.  We will continue to play an important and active role at EU level in promoting greater competitiveness and trade between Member States to help support this process."