UK NEWS

European Union may FINE the UK for bailing out British businesses

21 March, 2020
Oliver Down

Prime Minister Boris Johnson and the Chancellor Rishi Sunak announced unprecedented help for all in British society and must of all but quelled his critics that were accusing him of inaction. Mr Sunak stated that 80% of workers wages will be covered by the government if people find themselves out of work. This announcement is reminiscent of a universal basic income system as well as extra help for businesses. 

However, this morning Steven Swinford who is the deputy political editor at the times has stated that the “EU has blown big hole in Rishi Sunak’s bailout package under state aid rules”. Although Britain is on its way out of the bloc by the end of the year, under the current transition period, Britain is still subject to the EU’s rules until this date.

 Mr Swinford stated via Twitter “Grants & ‘tax advantages’ capped at €800,000 *per company*. Big retailers & hotel chains will see little benefit from Sunak’s pledged £20bn business rates holiday”. 

Many are expecting that Britain will likely ignore the EU’s state aid rules in this situation and will press ahead as planned. This will more than likely end up in a substantial fine for the UK. Bernard Jenkin, the Tory MP and Brexiteer responded to the tweet with the comment “If ever there was a reason to ignore the EU, this would be it”.

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