The TaxPayers' Alliance has criticised plans for a euro bail out of Ireland. Ireland is facing increasing pressure to accept billions, in order to supposedly rescue the Irish economy and support the single currency. Plans drawn up by the Government could see UK taxpayers being liable for £7 billion if Ireland defaulted on any loan.
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Matthew Sinclair - Director of the TaxPayers' Alliance - said:
"It is a shame that Ireland is paying such a heavy price for the huge mistake of joining the Euro. British taxpayers don't want to see their money poured into a black hole trying to bail out that failed project, though, particularly with money so tight here at home. They rejected the Euro and shouldn't be forced to pay for other people's mistakes. The Euro is fundamentally broken and Ireland needs to leave, not be railroaded into a bailout by politicians who are more interested in pursuing political integration than sustainable economic policy. The Government need to reject this deal or they will be betraying the interests of British taxpayers."
Ruth Lea - Economic Adviser, Arbuthnot Banking Group and member of the TaxPayers' Alliance Academic Advisory Council - said:
"The eurozone cannot work with such disparate economies. Putting aside the current financial crisis, it is hard to see how Ireland, for example, can recover economically. As one of our major trading partners this is bad news for us. At some point, the EU will have to come to terms with the exit of some of their members – the sooner the better. Of course there are implications for the banks – but better to deal with their problems directly rather than struggle with propping up the unsustainable.
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Campaign Director, TaxPayers’ Alliance