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EU Extracts Billions More from UK with ‘Eye-popping’ 20 Per Cent Increase to Budget Contribution

blank - EU Extracts Billions More from UK with ‘Eye-popping’ 20 Per Cent Increase to Budget Contribution

Britain’s payments to the European Union price range swelled by an “eye-popping” 20 per cent in the 12 months to March 31st, regardless of the nation owning voted to depart the EU all the way back in 2016.

The sums British taxpayers sent to Brussels to feed EU investing rose by £2.six billion to £15.five billion, in accordance to Treasury figures reported by the Telegraph.

This is a punishment of kinds for Britain’s relative financial good results — which comes regardless of inaccurate pre-referendum claims that a Depart vote would tank the economic climate, and modern claims that the risk of No Deal Brexit is grinding the economic climate to a halt — as the EU extracts additional cash from member-states the additional strongly they are executing, in accordance to a relatively opaque formula primarily based on gross nationwide revenue.

This formula has been altered to slap bigger bills on Britain in the previous, with the EU expanding Britain’s obligations by virtually £2 billion in 2014 right after choosing its estimates of the dimension of Britain’s so-termed black economic climate ought to be taken into account, for instance.

“These figures are eye-popping,” commented Iain Duncan Smith, the Brexit-supporting former Tory leader and Perform and Pensions secretary who now chairs Boris Johnson’s leadership campaign, and is anticipated to make a dramatic return to frontline politics if Johnson succeeds Theresa May perhaps as Prime Minister.

“It’s ironic that as [Chancellor of the Exchequer] Philip Hammond launches his last [Project Fear] tirade while voting against his Government — with no owning the decency or principle to resign — the Treasury displays that an expanding volume of British taxpayers’ cash continues to pour into bottomless EU coffers.”

The Telegraph estimates that if this cash remained at property it could have paid for “50,000 additional police officers on the streets or fund[ed] 81,000 social care beds.”

‘Remainer Phil’ — who has pledged to hand his resignation to Theresa May perhaps prior to she features her personal resignation to the Queen if Johnson is elevated to the Tory leadership as anticipated — seems to be comparatively blasé about the huge improve in Britain’s payments, with a Treasury spokesman brushing it off with a statement that the sum “fluctuates between years depending on factors like economic performance and profile of EU spending… This figure is still within the forecasted EU budget.”

Numerous Remainers like to stage to the reality that some of the cash Britain sends to the EU returns in the type of so-termed “EU funding” — frequently with sizeable strings connected — but as the nation nonetheless comes out with losses measured in the billions just about every 12 months, the description of this kind of payments as “EU funding” in meaningful sense seems dubious.

Adhere to Jack Montgomery on Twitter: @JackBMontgomery
Adhere to Breitbart London on Facebook: Breitbart London

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