Eurozone bound to fail, warns Wrekin MP Mark Pritchard
Wrekin MP Mark Pritchard has dubbed the euro a 'political project that has gone horribly wrong' and warned the single currency is bound to fail.
Wrekin MP Mark Pritchard has dubbed the euro a 'political project that has gone horribly wrong' and warned the single currency is bound to fail.
Mr Pritchard said the European Investment Bank should not be used as the new 'indirect bailout mechanism' of a failing eurozone area.
His comments were made yesterday during the final day of the House of Commons debate on last week's Queen's Speech.
During the debate, shadow chancellor Ed Balls accused the Government of hiding behind the eurozone crisis to explain Britain's double dip recession.
Policy
Referring to the eurozone and the International Monetary Fund (IMF), Conservative MP Mr Pritchard said: "There's absolutely no doubt that some contributions to the IMF have been used as a back door bailout to the euro.
"It cannot be right, it was never going to be right, it was always a political project when you had a one-size-fits-all monetary policy for the whole of Europe.
"It is absolutely right that we should have an economy that has more people creating wealth than people that are spending wealth.
"We need to get the balance right between those employed in the private sector and those in the public sector."
On policies coming from Downing Street, Mr Pritchard today said: "It is the duty of the Government to ensure that the savings, pensions, and assets of all UK taxpayer are protected.
"The UK needs to build its very own firewall not give any more funds to a euro firewall which will ultimately fail," added the MP.