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Now YOU pay for Paris’ new Metro line: EU milks UK taxpayers with £11bn pre-Brexit splurge

BRITISH taxpayers will have to stump up for Paris to build a new underground line as Brussels embarks on an £11 billion splurge using UK cash while it still can.

The Paris MetroGETTY            British taxpayers will contribute towards a new Paris Metro line


The European Investment Bank (EIB), which is 16 per cent owned by the UK, yesterday announced a massive spending spree on shiny new infrastructure projects to be built across Europe.The mega splurge will include a £1.3 billion new Metro line for the French capital and £440 million for a rail upgrade in India, as well as transport upgrades in Germany, the Netherlands and Slovenia amongst others.

But predictably there is once more no major cash for Britain, even though taxpayers in the UK are amongst the main contributors who underwrite the bank’s massive spending powers.

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Critics of the scheme have previously warned that the EIB has granted tens of billions of pounds in aggressive, high risk loans for “political” reasons that are highly unlikely to ever be paid back.The latest spending splurge will just push that figure even higher, and is likely to anger eurosceptics who already feel the EU is pushing its luck with an £80 billion Brexit bill demand.It includes funding for Germany, the Netherlands, Latvia, Bosnia, Slovenia, Italy, Ireland, Spain, France, Portugal, Egypt, Morocco, Belgium, Poland, Croatia, Austria, Serbia, Paraguay and India.

However, europhiles are likely to point out that Britain – whilst a net contributor – is also a big beneficiary of EIB loans, receiving around £6 billion for projects in 2016.

The cash is going on improving everything from infrastructure to university education, investment in small businesses and internet speeds in countries across Europe and the globe.

Announcing the funding EIB president Werner Hoyer said: “The EU Bank is supporting new investment in sustainable transport, renewable energy and helping small companies harness business opportunities.“The impressive range of new projects approved by the European Investment bank today will improve business opportunities, ensure better access to clean water, green energy, internet and mobile banking, health and education, and upgrade transport for millions of people across Europe and around the world.”The EIB, which is the largest multilateral lender and borrower in the world and employs 3,300 staff, is currently being investigated by the EU’s transparency watchdog over how it spends member states’ cash.

Three NGOs have complained that the bank lacks transparency in its actions and has attempted to block scrutiny of its operations, prompting a probe by the Brussels ombudsman.

http://www.express.co.uk/news/politics/830490/Brexit-news-European-Union-investment-bank-EIB-splurge-Paris-Metro

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1 Comment on "Now YOU pay for Paris’ new Metro line: EU milks UK taxpayers with £11bn pre-Brexit splurge"

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Edith Ricketts
Member

We should not pay the EU another penny.

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