While an extraordinary political drama is playing out in the back rooms of Westminster, an outrageous plan is being worked on behind closed doors in Brussels. It is this: European finance ministers are planning to give the European Commission further powers to borrow tens of billions, potentially hundreds of billions, of euros.
This extension of the European Union’s economic powers would not simply constitute a euro-federalist power grab. It would leave British taxpayers liable for tens of billions of borrowing. And, worse, this is a deal being negotiated quite deliberately in the absence of an authoritative British government.
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