British Prime Minister David Cameron on Friday insisted that he would not pay an EU bill for an additional 2.1 billion euro (US$2.65 billion) contribution to the EU coffers at a time of increasing pressure at home for the nation to leave the bloc.
Thumping his fist in frustration, Cameron said “people should be in no doubt: as an important contributor to this organization, we are not suddenly going to get out our checkbook and write a check for 2 billion euros. It is not happening.”
Cameron said asking Britain for a top-up of some 20 percent in its contributions on short notice “is an appalling way to behave. We are not paying that bill on the first of December.”
The Netherlands too has been asked for a big top-up, of 642 million euros, which Dutch Minister of Finance Jeroen Dijsselbloem labeled as “extremely surprising, unpleasantly surprising.”
The EU Commission said the demand stemmed from the fact that the economies of some nation, like Britain, have grown more than expected at the start of the year.
Contributions are made according to economic size.
“This should not have come as a surprise” to Britain and other nations, since it was based on national statistics, EU Commission President Jose Manuel Barroso said. “We have been careful not to politicize the process we have been asked to administer” by the member states.
Cameron and Dutch Prime Minister Mark Rutte already discussed a common protest at the EU summit, which ended on Friday.
The Netherlands too is facing an increasingly vocal anti-EU camp.
“We are not going to take this lying down,” Dijsselbloem said.
Cameron said EU finance ministers would discuss the issue at an emergency meeting he had called for.
A longtime reluctant member of the EU, Britain has seen a surge in the popularity of the UKIP party, which wants to get Britain out of the EU, claiming its bureaucracy is profligate.
“The EU is like a thirsty vampire feasting on UK taxpayers’ blood. We need to protect the innocent victims, who are us,” UKIP leader Nigel Farage said.
The request for the budget top up comes at a time when Cameron has been telling his EU counterparts how well the British economy is doing in the face of the flagging fortunes on the continent, where even Germany is facing sagging growth.
Official figures on Friday showed Britain’s economic recovery is continuing despite a gloomy world environment.
GDP grew 0.7 percent in the three months through last month compared with the previous three months, remaining among the strongest growth rates among developed economies.
British Chancellor of the Exchequer George Osborne said the figures show that Britain “continues to lead the pack in an increasingly uncertain global economy.”
Semiconductor business between Taiwan and the US is a “win-win” model for both sides given the high level of complementarity, the government said yesterday responding to tariff threats from US President Donald Trump. Home to the world’s largest contract chipmaker, Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), Taiwan is a key link in the global technology supply chain for companies such as Apple Inc and Nvidia Corp. Trump said on Monday he plans to impose tariffs on imported chips, pharmaceuticals and steel in an effort to get the producers to make them in the US. “Taiwan and the US semiconductor and other technology industries
The US Federal Reserve is expected to announce a pause in rate cuts on Wednesday, as policymakers look to continue tackling inflation under close and vocal scrutiny from US President Donald Trump. The Fed cut its key lending rate by a full percentage point in the final four months of last year and indicated it would move more cautiously going forward amid an uptick in inflation away from its long-term target of 2 percent. “I think they will do nothing, and I think they should do nothing,” Federal Reserve Bank of St Louis former president Jim Bullard said. “I think the
SMALL AND EFFICIENT: The Chinese AI app’s initial success has spurred worries in the US that its tech giants’ massive AI spending needs re-evaluation, a market strategist said Chinese artificial intelligence (AI) start-up DeepSeek’s (深度求索) eponymous AI assistant rocketed to the top of Apple Inc’s iPhone download charts, stirring doubts in Silicon Valley about the strength of the US’ technological dominance. The app’s underlying AI model is widely seen as competitive with OpenAI and Meta Platforms Inc’s latest. Its claim that it cost much less to train and develop triggered share moves across Asia’s supply chain. Chinese tech firms linked to DeepSeek, such as Iflytek Co (科大訊飛), surged yesterday, while chipmaking tool makers like Advantest Corp slumped on the potential threat to demand for Nvidia Corp’s AI accelerators. US stock
Cryptocurrencies gave a lukewarm reception to US President Donald Trump’s first policy moves on digital assets, notching small gains after he commissioned a report on regulation and a crypto reserve. Bitcoin has been broadly steady since Trump took office on Monday and was trading at about US$105,000 yesterday as some of the euphoria around a hoped-for revolution in cryptocurrency regulation ebbed. Smaller cryptocurrency ether has likewise had a fairly steady week, although was up 5 percent in the Asia day to US$3,420. Bitcoin had been one of the most spectacular “Trump trades” in financial markets, gaining 50 percent to break above US$100,000 and