Royal Assent — Eurozone Financial Assistance — 24 May 2011 at 15:50

The majority of MPs voted to dilute the strength of the UK's opposition to bailouts by the EU of member countries in financial trouble.

The motion under debate, moved by Mark Reckless MP^[1] read:

• "That this House
• notes with concern that UK taxpayers are potentially being made liable for bail-outs of Eurozone countries when the UK opted to remain outside the Euro and, despite agreement in May 2010 that the EU-wide European Financial Stability Mechanism (EFSM) of €60 billion would represent only 12 per cent of the non-IMF contribution with the remaining €440 billion being borne by the Eurozone through the European Financial Stability Facility (EFSF), that the EFSM for which the UK may be held liable is in fact being drawn upon to the same or a greater extent than the EFSF;
• further notes that the European Scrutiny Committee has stated its view that the EFSM is legally unsound;and
• requires the Government to place the EFSM on the agenda of the next meeting of the Council of Ministers or the European Council and to vote against continued use of the EFSM unless a Eurozone-only arrangement which relieves the UK of liability under the EFSM has by then been agreed.

Via this division the majority of MPs agreed to make the following amendment to the original motion tabled by Chris Heaton-Harris MP:

• to leave out from ‘unsound’ to the end of the Question and add:
• "urges the Government to raise the issue of the EFSM at the next meeting of the Council of Ministers or the European Council; and supports any measures which would lead to an agreement for a Eurozone-only arrangement."

Once the amendment was accepted the amended motion was passed without a vote.

Speaking in the debate preceding the vote Mark Reckless MP said:

• If they believe that it is sufficient to urge the Government to raise the issue, then vote yes to the amendment regrettably tabled by my hon. Friend Chris Heaton-Harris. If they believe that we need to put a stop to these bail-outs and say, “Enough is enough, it is our money, we did not join your currency, and we want our money back”, then vote no to the amendment.

The text of the motion was more strongly against bailouts before the amendment.

• [1] Mark Reckless MP, moving motion, House of Commons 24th May 2011

Debate in Parliament | Source |