European Affairs

No. I respect the financial services industry in the City as much, and take as much pride in it, as the hon. Gentleman does. It is a vital part of the British economy. However, I would also argue—as the Chancellor of the Exchequer did in The Times, yesterday or the day before—that the City of London is as important to the economy of the whole of Europe as it is to the United Kingdom. That is why I think that any internal market Commissioner would want to protect and enhance its reputation and strength. I warmly welcome the appointment of Mr Barnier. I know that he is to visit the United Kingdom before Christmas, and will have conversations with the Chancellor of the Exchequer. He has proved himself to be a very effective Commissioner in the past. I think the hon. Gentleman is making a mistake when he presumes that individual Commissioners will be representatives of their Governments. It is made very clear in the treaty, which I am sure he has read on several occasions—