Are you ready for BRIXIT?

[petergriffin]

We agree to disagree on this but one thing is for sure: Germany (both SPD and CDU) is totally against a 2-speed Europe and rightly so, as it makes no sense at all. Therefore the UK is only an obstacle to full-fledged fiscal union that would finally give the Germans the steering-wheel of European economy. Auf wiedersehen!

[Robinho]

Exactly, Swiss have done well out of 2 vile regimes. The Nazis and now the EUSSR.

[centurian]

I beg your pardon, this is rubbish! Look at this official document from the HM treasury:
http://www.official-documents.gov.uk.../8232/8232.pdf

Scroll down to page 18, I see in descending order of net contribution: Germany, France, Italy, UK. These are the latest official figures from 2009.

That's because the "official" net figures don't include payments by the EU to individuals/organisations in particular countries.

Officially this is EU spending, rather than a "contribution" by the EU to a particular country, but this spending is heavily skewed towards certain countries. Farming subsidies are the biggest example.

This article goes some way to explaining it

Articles: Who Pays for the European Union?

However I do conceed that this article shows that Italy and France are also net contributors to the EU, but at a considerably lower amount than the "official" figures.

What this means is that without UK contributions - this would leave a humungeous hole in the EU budget.

[BrilloPad]

Britain is already the tax heaven of Europe and global capital of money laundering. Juts ask those you know at HSBC. How low can you go?

London is the ‘global capital of money-laundering’: TBIJ

I wish that article were true. Also the cuckoo clock makers are way better than us.

[petergriffin]

Britain is already the tax heaven of Europe and global capital of money laundering. Juts ask those you know at HSBC. How low can you go?

London is the ‘global capital of money-laundering’: TBIJ

[Robinho]

If we did exit it would have to be combined with a fiscal swing to the right. We'd have to become the tax haven of Europe and I think we'd do well if we did that. But if we didn't change anything i think it would be a bad idea.

[petergriffin]

Not too convinced about that - the EU is funded solely by Britain and Germany (when netted out) - even France are net beneficiaries. I don't think German taxpayers will want to pick up Britain's contributions.

I beg your pardon, this is rubbish! Look at this official document from the HM treasury:
http://www.official-documents.gov.uk.../8232/8232.pdf

Scroll down to page 18, I see in descending order of net contribution: Germany, France, Italy, UK. These are the latest official figures from 2009.

[Doggy Styles]

Where will it all end?

[centurian]

I think the hard working Germans are already getting fed up at watching the Southerners live it up at their expense.

True - of course the biggest irony about that is the main reason why Germany is so successful is that the southern states were so profligate. Had they been frugal, they wouldn't have bought all those german goods that drove the german economy over the past decade.

That's why the system is so completely screwed - every possible route out of this swamp is littered with landmines.

[BrilloPad]

Not too convinced about that - the EU is funded solely by Britain and Germany (when netted out) - even France are net beneficiaries. I don't think German taxpayers will want to pick up Britain's contributions.

I think the hard working Germans are already getting fed up at watching the Southerners live it up at their expense. If fiscal union is proposed I think that the Northern and Southern blocs are way way too far apart to reach agreement.

And even if a European wide tax rate was agreed I doubt the latins would pay anyway.

[centurian]

and Deutschland is rooting for that

Not too convinced about that - the EU is funded solely by Britain and Germany (when netted out) - even France are net beneficiaries. I don't think German taxpayers will want to pick up Britain's contributions.

[sbakoola]

I think we should do everything we possibly can to exit Europe with the lamers and scroungers it harbours.

[petergriffin]

Asian banks prepare for British exit from the EU – Telegraph Blogs

One slight problem - it assumes there will be fiscal union. Little chance of that.

No, the Asian banks have a point. If Britain does leave the EU (and Deutschland is rooting for that) there will be practically no more obstacles to an EU-wide full fiscal union.

However I think the banks are hiding the real truth: that, regardless of the EU/Euro fiscal union/collapse/whatever, the British economy is tulip and finance in this country is based on this air.

[BrilloPad]

Asian banks prepare for British exit from the EU – Telegraph Blogs

One slight problem - it assumes there will be fiscal union. Little chance of that.