Fury as EU gifts £22bn to boost FRENCH economy...and it's UK taxpayers paying the bill
ANGER erupted today after the EU gifted billions in British taxpayers' money to help boost the French economy.
France will get a colossal £22billion handout, up to £2.8billion of which will come from the UK.
Most of the money will be spent on training and education in a bid to slash unemployment revive France’s economic fortunes by the end of the decade.
Critics warned it means British taxpayers’ will be effectively forking out up to £2.8 billion over the next seven years to help prop up one of the world’s biggest economy’s.
It also serves as another embarrassment for deeply unpopular Socialist French President Francoise Hollande who has seen unemployment rocket to record levels – 3.4 million – under his watch.
Growth has also stagnated. The French economy did not grow at all in the first three months of the year with some analysts dubbing it the “sick man” of Europe.
Details of the massive handout come just a week after the Daily Express revealed Portugal is to be given £20 billion to help kick-start is floundering economy.
Under the latest scheme France will have access to an extra €27.8 billion euros (£22bn) in European Commission funds between 2014 and 2020.
Some €15.9 billion (£12.7bn) is available for training and education, €11.4 billion (£9.1bn) for rural development and €588 million (£470) for France’s fisheries and maritime sector.
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Simon Rose of campaign group Get Britain Out said that of the €27.8billion (£22bn) being spent, around 13 per cent or £2.8 billion has been given by Britain as part of its budgetary contribution to EU coffers.
He added: “Ostensibly this money is to transform France into a productive economy.
“But France’s dire economic performance is due to its old-fashioned socialist tax-and-spend policies.
“Throwing EU cash at it is an utter waste of money, £2.9 billion of which will come from unwilling British taxpayers.”
Announcing the deal Johannes Hahn, the European Commission’s commissioner for Regional Policy, said: “The investment plan adopted by France today will allow it to continue on the path to economic recovery and renewed growth for the coming decade.
“This partnership agreement reflects the commitment of both the European Commission and France to make the most of EU funding and ensure the French economy gets back on track.”
According to forecasts last month by consultancy firm PwC the UK's economy is set to overtake that of France by 2020 to become the second largest in Europe.
It says the UK's value is aided by the strength of the pound against the dollar compared with that of euro, together with falling unemployment.
