Meanwhile, in the EU...

Brussels is set to borrow €0.75 trillion on international markets to finance a recovery from the pandemic, the EU Commission president has said, reports The Telegraph. An EU budget of €1.1 trillion is sought also over the next seven years.

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The plan, notes The Telegraph, which is dubbed Next Generation EU, would spare the balance sheets of already indebted EU members and take advantage of the Commission’s AAA credit rating to raise cash on the markets. The debt will be repaid over 30 years after 2027.

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The Telegraph reports also that the Next Generation EU plan is likely to be seen by opponents of further integration as a naked power grab.

Thank goodness the UK left the EU on 31 Jan this year, and that we exit Transition (no further liabilities) on 31 December 2020.

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