View more on these topics

Britain exempt from future bailout contributions

Britain will be exempt from paying for crises in the Eurozone from 2013.

According to Sky News, European leaders have reached a “clear and unanimous agreement” which means Britain will not be expected to bail out Eurozone countries from 2013.

On the final day of an EU summit, Prime Minister David Cameron said Britain will not bail out the eurozone once the new bail out fund, the European Stability Mechanism, is created.

However Eurosceptic Conservative MP Douglas Carswell says in the Daily Mail the agreement is not legally binding and so could be overturned in future.

He says: “This is a piece of paper that has no legal force. It demonstrates onlyone thing – the complete impotence of the British Government.”

The ESB will replace the temporary €750bn European Financial Stability Facility. But the creation of the fund will mean the Lisbon Treaty will need to be amended.

Cameron said: “It is in our interest that the Eurozone achieve stability and that treaty change is a key part of that.”

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Why are we still in the EU?

  2. Exactly, Evan. Why doesn’t the UK simply withdraw altogether from membership of the EU, given that the benefits of membership seem to be at best extremely nebulous. What does UK plc actually get in return for the billions of pounds that it’s required to hand over every year? Europhiles talk in vague terms about things such as what we’d be missing out on by being on the fringe of Europe ~ but so what? We ARE on the fringe of Europe and have been for centuries. What harm has it done us? The contributions UK plc makes to the EU would surely be better spent here at home on things like schools, hospitals, pensions, transport, tax reductions, local authority grants, immigration controls and all those kinds of things, not bailing out other countries such as Greece, Ireland, Spain, Portugal and all the rest of them. Why does Turkey want to join the EU? Not for what it can contribute but for what it can get in grants. What happened to all the grants and subsidies that Ireland got when it joined the EU? Its economy boomed for a while, but now it’s in a critical slump and taking yet more money from other EU countries, £7Bn just from already hard-pressed UK plc. Crazy. We’d be better off out of it. At least we still have the pound.

    Harry Katz ~ you’re an ardent Europhile. Perhaps you could explain why membership of the EU is such a great thing, because I certainly can’t see it.

Leave a comment