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Theresa May’s foolhardy strategy to destabilise the European Investment Bank

Summary:
Divorce proceedings are about to begin and everything’s up for grabs: the CDs, the pictures, the accumulated profits of the European Investment Bank:Theresa May will call on Brussels to hand back £9bn of UK assets held by an EU bank when she fires the Brexit starting gun — dramatically cutting Britain’s final bill.Senior government sources say that when the prime minister triggers article 50, she will point out that Britain is entitled to the return of funds held by the European Investment Bank (EIB).Legal advice circulating in Whitehall — seen by The Sunday Times — says that not only is the government not legally obliged to pay Brussels a penny, but the EU should pay Britain for its share of the funds in the EIB.That’s from The Sunday Times yesterday, referencing a document drawn up by Martin Howe QC of ‘Lawyers for Britain’, a pro-Brexit group. According to “a senior government source” quoted by the newspaper, Theresa May thinks the UK’s withdrawal from the European Investment Bank will give it leverage in Brexit negotiations.“Their infrastructure investments are predicated on our contribution,” a Whitehall source said. “That’s one of the things they are worried about.”That may be so, but it’s hard to believe she will get very far on this issue.The European Investment Bank is basically what it sounds like.

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Divorce proceedings are about to begin and everything’s up for grabs: the CDs, the pictures,...

Kadhim Shubber
He is a freelance journalist who first bought bitcoins so that he could buy a beer at The Pembury Tavern, Hackney’s bitcoin pub. He has reported for Slate, Wired, The Daily Telegraph, The Sunday Times and Ampp3d. He is currently studying for a Masters in Journalism at City University London.

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