Mogg: UK in strong position, No Deal would mean EU insolvent

With a year to go until technical Brexit, Jacob Rees-Mogg has delivered a speech with Leave Means Leave, talking up how an EU exit will help the poorest in society, whilst also insisting that the UK has “great strength” in the negotiations as No Deal would be a “disaster” for the European Union.

Mogg points out that: “It is worth asking what preparations has the EU made for No Deal because if the EU is faced with No Deal it is insolvent.

“The EU has no legal ability to borrow, it has to raise its money from the Member States that it seeks to spend.  If it does not have that money it cannot spent it.  What plans has the EU made to cut expenditure in Romania, in Poland, in the Czech Republic? Or what plans has it made to ask the Dutch and the Germans and the French for more money to fund those projects? The answer is none.

“Its commitments are still there but it would not have the funding to pay for them. It will be a quarter of the way through a financial year anyway so it would be a sudden hit for the EU if we left without a deal, without paying any money.  So we have great strength in this position, no deal is better than a bad deal for us but it is a disaster for our Continental friends.”

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With Brussels continuing with a hardline negotiating position, the government should continue preparing for No Deal. That is what will give the UK leverage in negotiations, with a EU obsessed with ever increasing budgets.