Loans and Finance

Loans and Finance

Text

News and information about loans, money, debt, finance and business issues.

Thursday, October 28, 2010

EU Loses Touch With Reality

David Cameron has thrown in the towel in his fight to resist an EU imposed increase of £435M in Britain's contribution to the EU (based on an EU budget increase overall of 2.9% to £110BN).

Ironically, if this 2.9% rise is approved, it will in fact be a modest "victory" for Cameron who has been fighting a rearguard action (calling all EU heads of state) to prevent the implementation of a budget increase of 5.9% which is being demanded by MEPs. These MEPs are clearly a bunch of individuals who have not set foot on "real world planet Europe" for many years, and are unaware that Europe/the world is in the depths of a recession.

The health warning here is very real, 2.9% is the minimum rise that will go through.

The fact that budget rises of this kind are being pushed through, during a time when national governments are being forced to reduce their own budget deficits, shows just how out of touch with reality the EU has become.

The EU, by acts of folly such as this, will eventually engineer its own self destruction. Unfortunately, in the meantime the citizens of its member states will pay the price for the greed and intransigence of the MEPs.

No comments:

Post a Comment