Following the ECJ’s ruling on short selling, where the Court has rejected all the four UK’s pleas and confirmed ESMA powers to override national financial supervisors to regulate or prohibit short-selling, Bill Cash asked, as a point of order:
Mr William Cash (Stone) (Con): On a point of order, Madam Deputy Speaker. I want some guidance regarding the question of where the money will come from following the loss of the short-selling case at the European Court of Justice. Will it come from estimates or otherwise? The Government are now obliged to pay all the costs and, despite predictions, the amount of money in question will be substantial. The Government’s case has been completely dismissed and they have had costs awarded against them. I just wonder where the money will come from.
Madam Deputy Speaker (Dawn Primarolo): The hon. Gentleman poses his question as a point of order to the Chair and I suppose the direct answer is that I do not know. Thank goodness it is not a matter for the Chair. As the hon. Gentleman knows, it is not a point of order, but he is very thorough and assiduous in pursuing such matters. I say without fear of contradiction that he will have other opportunities—nay, that he will create other opportunities—to pursue his point, but that will not happen during today’s sitting.
