Prime Minister David Cameron will warn European Union leaders that Britain could drift out of the Union and that the Euro project will fail unless they tackle three serious problems that are threatening it.
Cameron had been scheduled to give a keynote speech on the UK’s position on its future in the European Union but postponed it to a later date as he dealt with the Algerian hostage crisis. He had been due to make his speech from the Netherlands but his aides have now announced that a new venue and date will be announced later.
Analysts were expecting him to outline Britain’s plans to renegotiate the nation’s membership of the 27-nation bloc and to promise a referendum on any deal struck. Euro-scepticism is at an all time high in the country with many calling for a full exit in order to reclaim powers handed over to Brussels and to open up more trade links with the rest of the world. The rise of ant-Europe political groups such as UKIP and anger within the Conservative party has been a key factor in the Prime Ministers decision.
Cameron had been planning to say that the EU faces three major challenges: the Eurozone debt crisis, faltering competitiveness and declining public support, particularly in Britain.
“If we don’t address these challenges, the danger is that Europe will fail and the British people will drift towards the exit,” Cameron had been due to say, according to extracts of his postponed speech released by his office.
‘I do not want that to happen. I want the European Union to be a success and I want a relationship between Britain and the EU that keeps us in it. There is a gap between the EU and its citizens which has grown dramatically in recent years and which represents a lack of democratic accountability and consent that is – yes – felt particularly acutely in Britain.”
Pro EU business leaders, political allies and political rivals have all warned that the debate over the UK’s future in the EU risks isolating the country and could pave the way for the UK to leave the region after 40 years. Of course most of the people doing the warning have vested and often personal financial interests in the EU.
The Pound to Euro exchange rate is currently trading at 1.1937
The Pound to US Dollar exchange rate is currently trading at 1.5908
The Pound to Australian Dollar exchange rate is currently trading at 1.5152
The Euro to US Dollar exchange rate is currently trading at 1.3320
The Euro to Pound exchange rate is currently trading at 0.8375
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