EU banking system 'teetering on collapse' as Brussels struggles to maintain control

Director-General of the think tank Centre for Brexit Policy John Longworth argued that Britain is now free of the future economic issues of the bloc. While speaking to, Mr Longworth insisted that the EU banking system continued to prop up countries that are economically burdensome, like Italy and Greece. He added this would cause serious issues in a post-Covid world.

He added that Britain would now be free to thrive economically without the constraints of the EU going forward.

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

“The banking system in Europe is always 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.

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“That can’t go on forever and Britain, by comparison, has detached itself from that.

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

“If we get 3 percent annum growth in the economy post-Covid that will be at world average levels.

“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 have 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 about the Euro bloc because it feels like it will be six months behind the rest of the world or at least the rest of the G10.”

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