PRIME Minister David Cameron yesterday vowed to remain "eternally vigilant in all matters European" after heading off a big British bill for a second EU bail-out
Under his honest assessment an incoming David Cameron administration would cut spending on roads, rail, benefits, defence, business bail-outs
, job creation programmes and other services.
of the financial and automotive industries are driving demands for such spending to be made transparent, which should lead more governments to adopt international public-sector accounting standards (Ipsas), he said.
BUSINESS NEWS 4-9 Bail-outs
plea The chief of a toxic asset-free bank has called on the Government to let failing lenders go to the wall rather than spending billions of pounds on bail-outs
As a result, the summit in Sunday focused more on how to kick start European credit and financial markets and merely referred briefly to the auto industry in the summit communique, saying it favoured the 'enhanced European coordination of schemes for the renewal of car fleets.' However it called on the Commission to closely monitor other bail-outs
. Decisions on the legality of proposals made by Italy and Spain are still awaited from Brussels.
The Prime Minister's appearance before the Commons Liaison Committee was the first since the taxpayer-funded bank bail-outs
, VAT cut and other measures were introduced last year in a bid to counter the downturn.
The transaction also marks a significant step in Credit Lyonnais's retreat from international retail banking, as ordered by the European Commission in return for a series of state-aided bail-outs
in the mid-1990s for the recently privatised bank.
Figures from the Office for National Statistics (ONS) showed that borrowing - excluding the distorting effect of bank bail-outs
- was PS9.3bn, compared with PS6.5bn a year ago.
Borrowing costs in Spain, which is holding a general election this weekend, were its highest since 1997 and the same level that left Ireland and Portugal in need of bail-outs
Germany and France are pressing for the use of the European Financial Stability Mechanism to spread the cost of any future bail-outs
Greece and the Irish Republic have needed bail-outs
, and Portugal is also now asking for help.
A bank levy has been proposed as a way of making banks pay for future bail-outs
of financial institutions.