Taxpayers 'face another £1.3bn on eurozone bill'
British taxpayers will have to pledge another £1.3 billion as part of efforts to resolve the eurozone crisis, it has been claimed.
European Union leaders will gather in Brussels today for their latest attempt to restore confidence in the single currency and boost economic growth.
Angela Merkel, the German chancellor, yesterday repeated a call for the European Investment Bank to be given another €10 billion (£8 billion).
Open Europe, a think tank, suggested that could mean Britain's support for the bank rises by £1.3billion.
The bank is an EU institution providing loans for infrastructure projects in the union. Eurozone leaders want to expand its funds as part of a wider attempt to boost growth in countries using the single currency.
Britain contributes 16 per cent of the bank's funds. Most of its loans are made in euros, suggesting that British taxpayers could face huge losses in the event of a single currency break–up.
Christopher Howarth of Open Europe said: "This feels an awful lot like spending for the sake of spending without necessarily doing anything to solve the eurozone crisis."
Downing Street said the UK contribution to the bank would only be "one element of the negotiations" in Brussels.
By James Kirkup in The Daily Telegraph here
Last Updated (Tuesday, 03 July 2012 11:40)