EU loses its triple-A credit rating

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Today the EU had its credit rating lowered by the Standard & Poor’s credit rating agency from AAA to AA+. This comes just as it is becoming abundantly clear that, while Britain and America are showing signs of recovery, the EU is still heading for the economic abyss. What is worse is that the Eurocrats in Brussels still believe that they are on the correct course, despite the impending doom that awaits them.

Part of this downgrade has been blamed on Britain’s Euroscepticism and David Cameron support for a referendum on Britain’s membership on the EU. However it is clear that the EU is heavily responsible for its economic calamity. High unemployment, poverty, very high government debt and social disorder are now plaguing much of Europe and things don’t look like improving anytime soon. In fact, things in Italy look like they are going to get worse before they get better as unemployment increases and politics takes a more radical turn through the 5 Star and Pitchfork movements.

All of this leads to the inevitable realisation that Britain will one day have to leave the EU. It is the only way we can really put proper distance between ourselves and the unelected elites of Europe, who will always want us to bail them out. Europe’s share of world GDP has been decreasing since the 1970’s and, in time, it will end up being overtaken by its rivals in Asia and the Americas. Britain must leave so we are free to rebuild our prosperity by trading with the rest of the world. Otherwise we are at ever greater risk of being dragged down by a drowning man who refuses to save himself.

By Simon Turner, Research Assistant

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