EU banking system ‘teetering on collapse’ as Brussels struggles to maintain control | World | News

Director-General of the assume tank Centre for Brexit Policy John Longworth argued that Britain is now freed from the longer term financial problems with the bloc. While talking to, Mr Longworth insisted that the EU banking system continued to prop up international locations which are economically burdensome, like Italy and Greece. He added this might trigger critical points in a post-Covid world.

He added that Britain would now be free to thrive economically with out the constraints of the EU going ahead.

Mr Longworth mentioned: “The European Union is a busted flush.

“The banking system in Europe is at all times teetering on the brink of collapse.

“Italy is effectively a bankrupt country and it is all being propped up by the European central bank printing money and the German central bank underpinning that.

DON’T MISS: Brussels doesn’t think UK would ‘retaliate’ over export ban

“That cannot go on ceaselessly and Britain, by comparability, has indifferent itself from that.

“The UK can now achieve super economic growth if the Government adopt the right policies.

“If we get 3 p.c annum progress within the financial system post-Covid that will probably be at world common ranges.

“Therefore, Britain will continue to be a rich country rather than have long-term economic decline which is what the European Union faces at the moment.”

“What we are seeing here is that we have got the US and the UK that are motoring on incredibly efficiently.

“But we’ve this administration with a poor rollout in Europe.

“The problem with that is that there is a high correlation between the inoculation or vaccination rate and opening up with a real economy.

“We are cautious concerning the Euro bloc as a result of it appears like it is going to be six months behind the remainder of the world or not less than the remainder of the G10.”

Back to top button