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UK and EU in Budget Payment Row

Posted By Alfonso Esparza On In FX,Newsfeed | Comments Disabled

It’s been a very bad-tempered week in UK-European Union relations – and it looks as though voices will be raised even higher in the coming days as the row over an extra £1.7 billion ($2.7 billion) budget payment looks set to escalate.

Last Friday a red-faced Prime Minister thumped the lectern at a leaders summit in Brussels on the news that the UK would have to stump an extra payment to the EU by December 1.

“I am not paying that bill on the 1 December, if people think I am they have got another thing coming. We are not suddenly going to get our check book out for 2 billion euros. The way this was presented is an unacceptable way to behave,” David Cameron said.

At Prime Minister’s Questions on Wednesday, Cameron remarked that the U.K. was the victim of the success of its economy and its growth.

via CNBC [1]

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Alfonso Esparza

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Senior Currency Analyst at Market Pulse [7]
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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