EU DEBT MOUNTAIN – The UK has “a potential bill of £160billion” unless the withdrawal agreement is reopened says Ian Duncan Smith.

When Theresa May was in charge as PM, there was a mechanism put in the UK EU withdrawal agreement that allowed the EU to pile massive amounts of current and future EU debt onto the UK.

Under the withdrawal agreement that that Theresa May put together and was eventually tweaked by Boris allows the European Investment Bank and the European Financial Stability Mechanism to issue a 12 percent debt share on any loans to the EU onto the UK even after the transition period.

Ian Duncan Smith has said that the UK needs to reopen the agreement to alter this or face a mountain of debt for the foreseeable future.

Ian Duncan Smith said to the Sun newspaper “We would basically be boot-strapped to Europe for the foreseeable future.
“If people thought we were only paying £39billion they can forget it. We’ve got a potential bill of £160billion, and COVID could raise that massively.
“This would lock us into the EU’s debt mountain.”

May tried to keep us locked into the EU delivering many extensions.
Ian Duncan Smith has always stood up to the Brussels Cobal

Chief Trade negotiator from the UK David Frost will meet his EU counterpart Michel Barnier on the 17th August in Brussels to continue the current deadlock talks.

There are more EU UK trade deal talks pencilled for September 7-11 and September 28-October again all in search for a deal.

So far neither side is climbing down from their demands, projections suggest that the EU will have to ditch their stance soon otherwise face No Deal which they are terrified of.

Barnier thought Boris would be like Theresa May.

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