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Alastair Darling rejects calls for EU bailout fund

Chancellor of the Exchequer Alastair Darling has today reiterated his opposition to an EU bailout fund which would be used to assist any member states in financial difficulties. It is believed that the European Union would take on the power to borrow money on behalf of member states using the EU budget as collateral. This is the latest proposal from the emergency EU meeting which has been ongoing over the weekend.

Interestingly, Alastair Darling has indicated he will take into account the views of Liberal Democrats and Conservative ministers with the coalition talks coming to a head. This is yet another reason why the UK government needs to be formulated as quickly as possible because ultimately Alastair Darling has lost his credibility within the EU with his position in the UK government hanging by a thread.

When you consider that the Conservative party is on the whole anti-Europe and Liberal Democrat party is the whole pro-Europe it is not difficult to see where problems may arise. Putting on a united front with regards to taxation and the budget deficit would be far easier than putting on a united front regarding immigration, electoral reform and Europe.

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