Thread: UKIP: What happens to Wales if Euro fails?

From the official website:

UKIP MEP for Wales John Bufton has called on the Welsh Government and Westminster to explain what measures have been taken to protect the economy of Wales in the event of a euro collapse, given the ‘escalating urgency of the situation’.
In two strongly worded letters to UK Chancellor George Osborne and Edwina Hart, the Welsh Government Minister for Business and Innovation, Mr Bufton warned of impending fiscal disaster in Europe and urges the two politicians to publicise what their respective departments have done to prepare for it.

He insists on knowing whether money has been set aside to save businesses that may be severely impacted by crisis in Europe and what measures are being taken to encourage companies trading heavily with the EU to diversify.

In his letter to the Chancellor, Mr Bufton highlights the recent downgrades of nine EU member states, including France and Austria, as well as the EU’s bail out fund, the European Financial Stability Facility, as clear indicators that the Eurozone is not making progress in tackling ballooning debt problems.

He also reminded the Chancellor March 20 could be an important date if Greece fails to pay back the initial debt repayment when the country’s current loan matures.

Mr Bufton asks the Chancellor what preparations have been made to protect UK businesses and investments and questions whether devolved administrations have been consulted.

In a similar letter to Welsh Business Minister Edwina Hart, he implores that Welsh businesses be guided to trade with non EU countries and expresses his alarm at a recent statement from the First Minister’s Office suggesting Wales should expand trade with the EU.

Mr Bufton also demanded to know whether the Welsh Government had been advised on mitigating the impact of the European debt crisis by Whitehall and whether an impact assessment and contingency plan have been drawn up with any funding made available if the business community is hard hit.

The Welsh MEP said: “When crashes occur in the financial sector, they often occur suddenly and with devastating consequences. All the warning signs have been there for months now, and the situation is becoming bleaker. Even Ernst and Young have warned that the UK will fall back into recession if it does not replace trade with the EU with trade with the wider world. It is imperative that businesses in Wales are guided through this time and our economy is not gambled upon idealistic belief that Europe will be alright in the end. The chances are, it won’t and any crash in the Eurozone will impact severely upon numerous Welsh businesses.

“What I demand to know from the Minister for Business and the Chancellor is what their departments are doing to ensure our interests are protected in the worst case scenario, because realistically, that is what we must start to contemplate.

“Anybody can see that the debt problem in Europe is getting worse and it would be foolish to simply ignore it when more than 500 businesses in Wales export to the EU. We’ve already heard that the UK Foreign Office have planned evacuations from Eurozone countries in the event of the single currency collapsing but we have not heard about what is being done to ensure businesses and investments are protected.
"Does the Welsh Government have a pot of money put to one side to help if the single currency fails? Are they helping those in the firing line to diversify trade further afield? These are now extremely urgent questions that simply must be answered.”


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Well done Mr Bufton - two excellent letters enquiring whether the UK/WAG have given any consideration if/when the Euro collapses. Perhaps our representitives are hoping ,like the EU leaders, that everything will be OK in the end !!!!

Originally Posted by Niall Warry

For a total lack of understanding of the situation Bufton's statement is a classic.

Just for starters whether Wales is in or out the EU they will still want to trade to them.

1 out of 10 Bufton for at least trying!

It deserves far more than that. They will indeed all want to trade with Wales. But if, for example Greece falls out of the Euro, Welsh importers and exporters will be very concerned in case they lose out financially. Isn't that just common sense? If Welsh businesses will be using the Drachma soon what is it worth?

Originally Posted by Niall Warry

I fortunately have the time available in my life, at the moment, to try and expose EUKIP for the fraud it is.

Wouldn't that time be better spent educating the British people about the EU and why we should leave?

I quite agree with Independent UKIP Mr Warry - the fact that you have time on your hands should be used in a way to educate people on the EU. Instead you offer criticism of UKIP to the point of ad nauseum on a forum that is comprised mainly of similarly bitter ex members of UKIP or in short, preaching to the choir. It's such a waste of time Mr Warry, fiddling while Rome burns. The EU is the problem here, UKIP for their part are trying to inform and educate about the EU whereas you will waste time ignoring the EU and moaning about a party that once sacked you. When the EU fails, what will you be able to say your contribution was? That you created a 'revolutionary' new party that you wound up within a year whilst (with no irony at all) castigating UKIP over... get this... a perceived lack of effort! It would be funny if you were not serious.

Mr Warry, whether it is revenge for your sacking by UKIP or if it's through prodding by Mr Lance Watkins, your tedious sniping at UKIP is a wasted effort. Start trying to educate people about the EU