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State of the Union? It's in a state!

Wednesday, 28th September 2011

UKIP Leader Nigel Farage today accused Jose Manuel Barroso, head of the European Commission, as being one of "yesterday's men" during Barroso's annual State of the Union address in Strasbourg.

Farage was responding to a bullish speech from Barroso where the EC Chief called for greater centralisation and came down firmly in favour of the 27-nation European Union having a stronger central government.

Barroso outlined a number of proposals designed to promote greater economic integration across the member states, including eurobonds and a financial transaction tax. The latter would see EU countries paying a levy on every financial transaction that took place.

With London as one of the leading financial capitals of the world, such a tax would have a negative impact on the City of London. When Sweden introduced a similar tax it saw disappointing revenues and many financial companies leaving the country.

Barroso also told MEPs that Greece will stay in the Eurozone despite the ongoing crisis and speculation that the country will default on its debts.

Nigel Farage said: "Barroso's speech acknowledged that the EU is facing its greatest challenge at present and what answer does he provide? Further integration and centralisation. It is this kind of supposed solution that helped create Greece's current crisis in the first place.

"Whilst the people of Greece continue to suffer, the EU is using the crisis to perform a power grab on an immense scale.

"The proposal of a financial transaction tax could fatally undermine the City of London and see a mass exodus of financial firms leaving the city. It would be an utter disaster for this country."

See Nigel's speech here.