The EU is expecting a ‘huge gift from Santa’, according to UKIP’s EU Budget Spokesman, Jonathan Arnott, as EU leaders gather in Brussels to discuss a €315 billion investment fund proposed by EU President, Jean – Claude Juncker.
The fund, unveiled towards the end last month, is planned to result in €315bn investment in the EU economy in the forthcoming years, using a guarantee of €16 billion from the EU budget and €5 billion from the European Investment Bank (EIB).
Getting from €21bn to €315bn represents a leverage ratio of 15, a figure that has triggered fierce criticism that the European Commission is merely using figures which ‘don’t add up’.
UKIP’s EU Budget Spokesman, Jonathan Arnott MEP, said "In the run-up to Christmas, the European Council will be holding a meeting about Juncker's proposed €315 billion investment Plan for Europe. With the European Union contributing just €16 billion and the Investment Bank €5 billion, the only way that this will work is if they receive a huge gift from Santa because the economic reality is that the figures just don't add up.
"Private companies aren't going to contribute 15 times what's put in by Europe unless there's an incredibly sweet deal for them, which means a bad deal for the taxpayer. After the recent British experience of the disaster which was Labour's PFI initiative in the NHS, I don't expect people in the UK to warm to Mr. Juncker's Ponzi scheme."