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Showing results for tags 'veto'.
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Today, PM David Cameron faces MP questioning over his veto on new financial changes to the EU Treaty. Mr Cameron said no because there were no safeguards for Britain's financial services industry(lol, you gotta love the irony!) which accounts for a big chunk of British GDP. London in particular is currently a global financial hub and a severe clampdown on the industry would be a big problem for Britain - especially if it was Europe and not the British government who are in charge of implementing the changes. Merkel wants to protect the German economy and constitution from having to up front more money for inevitable future bailouts(and possibly current ones) and Sarkozy I suspect more than anything would love to see the UK on a Euro leash so to speak. But political wranglings aside, is it good for Britain to be in or out of Europe? There is no current Monetary integration and voters have already been promised a referendum on EU membership. I suspect that being totally out might see the pound strengthen but I don't know. Britain contributes large sums of cash to support European Union. But is there a strength in numbers aspect to this? Well my idea is yes, but not when the numbers are made up of all sorts of different countries and economies with very different agendas. What do you think?
