While the UK is not part of the Euro currency, the Finance Chief in the new UK government has announced that the UK is ready to stand up and help it’s “closest neighbor”
“We’re going to do what is in Britain’s national interest,” George Osborne – the UK Finance Chancellor said, as he joined other European finance ministers for a crunch European meeting in Brussels, Belgium.
“Ireland is our closest neighbour and it’s in Britain’s national interest that the Irish economy is successful and we have a stable banking system. So Britain stands ready to support Ireland in the steps that it needs to take to bring about that stability.”
Discussions with the EU and IMF will begin tomorrow, Irish finance minister Brian Lenihan said in an interview with Irish state run broadcaster,, RTE this morning. “We’re part of a common currency, we’re not on our own”…………. “In relation to the position of the United Kingdom, that’s a matter for the United Kingdom, in general the UK has not participated in European Union-wide assistance, but I know that the British authorities are anxious to ensure any help that Ireland needs will be given.”
The cost of Irish dept remains volatile with default insurance jumping in price again this morning.