Brexit: EU 'in a very, very difficult position' due to protocol row
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Britain completed its formal departure from the EU just over a year ago after signing an eleventh-hour post-Brexit trade deal in December 2020. Prime Minister Boris Johnson and his closest ministers have continued to insist the UK will thrive and flourish outside of the EU. This hasn’t stopped Rejoiners campaigning for the country to one day rejoin the EU – particularly with pressure building on Mr Johnson to resign amid the ‘partygate’ scandal engulfing Westminster.
But Brexit research firm Facts4EU.Org has brutally shut down Project Fear scaremongering, by listing 11 key benefits that have already become clear with the UK leaving the EU.
If Brexit didn’t happen, Britain would have had to decide how to impose €10billion (£8.2billion) per annum of new taxes between 2026 and 2030 to help the EU pay back the bonds it is issuing to enable grants of €390billion (£323billion) out of its Coronavirus Recovery Fund.
Facts4EU.Org argued there is also no need to factor into the nation’s national accounts a “contingent liability as guarantor for the balance of €360billion (£298.5billion) of the Coronavirus Recovery Fund, where the money raised by the EU through bonds is on-lent to a member state but where all member states are liable for the bond repayments of those who fail to meet their obligations”.
The UK would also have had to contribute to the eye-watering EU Budget, especially troublesome with the UK’s GDP rising quicker than the EU’s average and Britain’s historical share of the budget of 12 percent subsequently increases.
Brexit means there is now no longer a need to worry about the costs and other implications for the UK through countries joining the EU and expanding the size of the bloc.
Britain does not have to consider new risks being taken on by the European Investment Bank that might force the country to pay in more capital
Facts4EU.Org said the UK no longer needs to worry about the direct cost of the “over-indebtedness of the Eurozone” and that Britain no longer need to “bail out one of the many shadow domains of EU public sector indebtedness”.
This would include “securitisations of banks’ Non-Performing Loans, bank capital deficits, publicly-owned private companies, companies owned by multiple public entities but each with a minority share, and schemes where debt service depends on a public sector entity but under a commercial contract rather than a loan agreement”.
Leaving the EU means the door has been firmly shut on ever joining the Euro enabling Britain to have its own sovereign currency, which ensures autonomy over interest rate policy, debt policy, and money supply.
The UK would also be still funding the EU’s separate Foreign Aid programme, having spent an additional £3.5billion on supporting it between 2014-2020.
Facts4EU.Org said this was in addition to the annual membership fee and accounted for 12 percent of the UK’s development aid spending.
By choosing to leave, Britain has “avoided the EU’s legal activism used to keep member states in check”, and can now also “change our procurement rules for naval shipbuilding”.
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In conclusion, Facts4U.Org summarised: “Brexit is not about saving taxpayers’ money, although that’s nice.
“It’s about making decisions for ourselves and for our politicians being held accountable for their decisions – rather than faceless technocrats making decisions that are thrice removed from our democratic processes and laws.
Realising the full benefits of Brexit will therefore take years and decades, not one parliamentary term.
“That said it is important we lay down from the beginning what is being achieved so we can readily calculate the accumulating benefits in total.
“Unlike the estimates and modelling that emanate from the scaremongering, these benefits will be real money and tangible in their outcomes.
“It will take time for all these benefits to come through, it will take time for the behaviour and attitudes of our civil service and media to accept these changes.
“And it will take time for the public and ‘third’ sectors to adjust – but politicians should have no excuses, it is their job to drive the change and to lead it from the front.”
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