Vote Leave chief who created £350m NHS lie on bus admits leaving EU could be an error

[AtW]

Open Europe and HoC Library estimate that it would cost -12% to -25% of what we currently pay for full membership if we use Norway's financial relationship as a guide. And that is after all the money that comes back.

https://fullfact.org/europe/norway-eu-payments/

So on that basis.

£14bn * 0.12 / 52 = £32.3mil a week better off with EEA using the more conservative figure.

Norway got oil and gas which is critical for EU, they also got that deal long time ago

[bobspud]

Has UK Govt got audited accounts?

Yes and they are regularly kicked in the balls over some of the stupid things they have done. They even post all of the procurement data as well

Oh and when you don't like that you see can FOI the crap out of the department and cause significant stress to those involved as a result.

not to mention we will also have parliamentary enquiries as well.

[northernladyuk]

So explanations for Spain and Ireland, but what about Romania and other countries outside the Euro? Plenty of economic recessions and bursted debt bubbles out there, Japan in the 1990's South-East Asia a few years later and of course Argentina, not to mention Russia.

You say the Irish would have raised interest rates, but why would they?, the US and the UK didn't when house prices were in a bubble, that is a theoretical argument that they could have done, but central banks use the RPI to set interest rates not asset prices. In any case there are much better ways to deflate asset bubbles than interest rates, where Ireland did have control, such as rules on how much debt can be issued and how it is covered. Germany doesn't have a housing bubble because of the rules, i.e. taxation and debt issuance.

Countries can mismanage their economies outside or inside the Euro, you can´t stop them doing it. Argentina mismanaged their economy by raising huge Dollar and DM debts and then even after their currency devalued and they'd defaulted simply took the opportunity to run it even further into the ground.

The Irish house bubble / crash far exceeded the UK one, yet look at the interest rates that Ireland was stuck with because of Eurozone membership, in comparison to the UK response. It is madness for countries to give up their ability to adjust interest rates or manage money supply, or do you think they're not useful tools?



And house prices:

[Mordac]

The UK isn't in the Eurozone.

I think it may only have been a matter of time. Bliar would have taken us in to the Euro in a heartbeat, it is supposedly one of the things he and Brown argued about most vociferously. All we'd need is a future Europhile PM, or a weak one who could be forced to join, and there'd be sweet FA we'd have been able to do about it.

[VectraMan]

I think it may only have been a matter of time. Bliar would have taken us in to the Euro in a heartbeat, it is supposedly one of the things he and Brown argued about most vociferously. All we'd need is a future Europhile PM, or a weak one who could be forced to join, and there'd be sweet FA we'd have been able to do about it.

Blair could have taken us into the Euro, and didn't, so not sure what the point of that is.

I don't think anyone else will be in any hurry to join the Eurozone, at least not for a long time.

[northernladyuk]

I think it may only have been a matter of time. Bliar would have taken us in to the Euro in a heartbeat, it is supposedly one of the things he and Brown argued about most vociferously. All we'd need is a future Europhile PM, or a weak one who could be forced to join, and there'd be sweet FA we'd have been able to do about it.

Nonsense. Entry into the Eurozone would be subject to a decision by the UK parliament which has always been fully sovereign. You do talk some rot.

[AtW]

Yes

Link please to the latest version of audited (by whom?) accounts of UK Govt.

[AtW]

I think it may only have been a matter of time. Bliar would have taken us in to the Euro in a heartbeat, it is supposedly one of the things he and Brown argued about most vociferously. All we'd need is a future Europhile PM, or a weak one who could be forced to join, and there'd be sweet FA we'd have been able to do about it.

And Bliar should have done it, failure to do so precipitated current Brexit crisis.

[BlasterBates]

The Irish house bubble / crash far exceeded the UK one, yet look at the interest rates that Ireland was stuck with because of Eurozone membership, in comparison to the UK response. It is madness for countries to give up their ability to adjust interest rates or manage money supply, or do you think they're not useful tools?



And house prices:

The low interest rates provided no more than a need for the Irish to control prices themselves.

The Roots of Ireland’s Debt Crisis « Anglo: Not Our Debt

This reckless splurge was facilitated by liberalised lending practices across the EU and by lax cross-border regulation of the financial sector.

The Irish authorities also contributed to the property bubble with a range of tax incentives to property development and lax oversight of the financial sector – the Department of Finance, the Irish Central Bank and the Financial Regulator were all negligent in this regard.

and of course low interest rates although a contributory factor were not the cause. check out Iceland.

The Irish authorities had it in their power to control it. Germany was also exposed to "reckless splurge was facilitated by liberalised lending practices across the EU and by lax cross-border regulation of the financial sector" indeed was the UK who were not in the Euro.

Ireland are not exiting the Euro because they know they can avoid it in future with their own prudent economic policies. If the Euro was the cause of all these problems they would now be dismantling it or countries would be leaving it. The fact is the Euro provides every country in the Eurozone with longterm lower interest rates than they would have outside. To argue against not adopting the Euro is equivalent to arguing that a pay rise is bad because irresponsible employees will go and gamble it in the casino. A pay rise is not a bad thing, it is a good thing but it does need to be put in the hands of responsible people, and the answer is not to put the pay down again but for employees to learn to be more responsible. Countries who have adopted the Euro have the ability to grow faster than countries outside, in the same way that the US has. That is exactly why the Euro was adopted.

[PurpleGorilla]

Norway got oil and gas which is critical for EU, they also got that deal long time ago

Well if we have nothing to offer the EU, maybe they are better off without us.