Douglas Carswell's Blog

How to scrap this disastrous debt deal

One year ago today, Alistair Darling, the then Chancellor, committed Britain to bailing out the Eurozone.  The deal struck at the Ecofin meeting on May 9th 2010 has made UK taxpayers liable for over £10 Billion.  Thus far.

Contrary to the carefully calibrated words we now hear, which tell us there will be no further “direct” bailout support, we are likely to become liable for an awful lot more – albeit via the indirect support we provide thorough the European Stabilisation Mechanism, to which Mr D agreed.

How to halt this from happening?

We need to do now what incoming Chancellor, George Osborne, failed to do at the Ecofin meeting that took place just a week later, on May 18th - and challenge the legality of the Darling deal. 

By going along with the deal Darling had made the week before, at the May 18th Ecofin meeting the new Chancellor in effect conceded a blank cheque for Brussels to make Britain liable for all manner of Euro debts under article 122 of the EU treaty. 

If we are to stop this happening, it is crucial we now see the advice ministers were given on the legality of the bailouts on taking office.  That advice could hold the key to preventing Europe imposing a mountain of liabilities on to the shoulders of hard working British families. 

Incidentally, the government tells us it was dead against the Darling deal. Ministers might, therefore, want to reconsider their decision to elevate the key Whitehall official behind it all, and think again before making him the next UK ambassador to the EU. A P45 for those Whitehall officials who literally signed away our prosperity away, rather than a promotion, might focus a few minds.

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