His comments came as the European Commission slashed its growth forecasts and predicted that the continent could be plunged back into recession next year.
With David Cameron warning that the moment of truth was approaching for the eurozone, ministers are resigned to a severe downgrade of UK growth and public finances when the Office for Budget Responsibility reports this month. MORE…
50p tax rate must go
Business leaders will today make a fresh plea to George Osborne to scrap the 50p rate of income tax and increase personal allowances to protect the British economy from the worst of the eurozone crisis.
In a letter to the Chancellor, more than 30 of the City’s top figures agree that the “current turmoil in southern Europe” means the government must take “immediate actions” to boost confidence. MORE…
Union within a union
France is drawing up plans to create a breakaway organisation of eurozone countries with its own treaty, parliament and headquarters – a move that could significantly undermine the existing European Union.
The proposal would see a formal “union within a union” created, but would lead to a significant deterioration in Britain’s influence in Europe. MORE...
