The change has been so sudden, so dizzying, that commentators are struggling to keep up. As recently as a a couple of years ago, British Europhiles used to aver that we shouldn’t get too hung up about our budget contributions. Paying more in, they said, gave us additional leverage in Brussels; complaining, by contrast, cost us influence.
If there is a single politician making that argument today, I have yet to hear him. Even Denis MacShane – Denis MacShane, for Heaven’s sake – now contends that the EU, just like its member nations, must learn to get by with less.
The key amendment tomorrow is the one moved by the Rochester and Strood MP, and former top-rated UK economist, Mark Reckless. It calls for a real terms cut. In other words, the EU budget should increase more slowly than inflation.
The Reckless amendment is remarkably modest. Almost every one of the 27 member governments, including the United Kingdom, is making far more severe cuts than it demands. And almost all of them, including the United Kingdom, must borrow the money they are sending to Brussels. As I argue in a comment piece in the main newspaper today, Britain’s contribution to the EU budget more than wipes out all our domestic spending cuts put together.
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See Also:
David Cameron under pressure on all sides over EU budget
Spain’s economy shrinks 0.3pc as VAT rise hits consumers
Britain ‘sorely needed’ in EU, says German Finance Minister Wolfgang Schaeuble
Hurricane Sandy: US economy braced to take $15bn hit
Democratic Left ‘not in agreement’ with troika talks
Afternoon Update:
12:02 pm EDT, October 31st, 2012 — A day of judgment looms over the EU budget
12:03 pm EDT, October 31st, 2012 — EU rebellion: ministers recalled to London to quell backbenchers
12:04 pm EDT, October 31st, 2012 — Greek prime minister warns back deal or risk euro exit
12:06 pm EDT, October 31st, 2012 — Apparently, we are all Keynesians now – not
12:07 pm EDT, October 31st, 2012 — Cameron’s EU budget veto is a powerful tool for change
12:08 pm EDT, October 31st, 2012 — The great EU budget rebellion and the game of shadows
12:09 pm EDT, October 31st, 2012 — Corporate China hit by unpaid bills
12:10 pm EDT, October 31st, 2012 — French CEOs call for huge cuts to welfare charges
12:11 pm EDT, October 31st, 2012 — Debt crisis: Cameron under pressure over EU budget – Live
