Douglas Carswell's Blog

Could it be Black Wednesday all over again?

Even if George Osborne sticks to Sir Humphrey’s advice at the Treasury and blows a few £ Billion bailing out the Euro in Ireland, what then?

Reuters’ news service has just reported  that “Even if, as seems likely, Dublin accepts an international rescue after more face-saving words, analysts increasingly doubt that will stop contagion spreading to fellow weakling Portugal and, more ominously, perhaps to the much larger Spain.”

Will we then stump up £40 Billion? £100 Billion perhaps? It’s not as if the UK isn’t up to her eyeballs in debt already.

We should be prepared to offer support to the Irish people - but not to bail out the folly of the politicians. 

In 1992, we blew £ Billions trying to prop up the Exchange Rate Mechanism – the precursor to monetary union. Twenty years on, let’s hope our politicians don’t spend fruitless £ Billions trying to prop up a doomed Euro.

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