By Gokhan Kurtaran
LONDON
Brussel's demand from the UK for an additional $2.6 billion contribution to the EU budget will strengthen the argument of those wanting Britain to withdraw from the bloc, financial experts have said.
A European Commission request last week for the UK to pay an extra €2.1 billion following a review of member states' growth performance sparked a political storm in the country and led to British Prime Minister David Cameron describing the demand as "completely unacceptable".
Chris Skinner, the Chairman of the London-based Financial Services Club, said on Monday the membership status of UK in European Union was becoming one of the most important topics in British domestic politics ahead of parliamentary elections in May next year.
He said: "The UK will not pay this bill and will refuse to make further contributions until all the numbers have been crunched."
"The fact that these numbers include the illegal economy – drugs and prostitution – and represent a massive swing, such that France and Germany get rebates as they are in recession, is just ludicrous," Skinner added.
'Big threat'
He said such a move by the EU could push the UK towards joining the European Economic Area (EEA) with Norway, Iceland and Liechtenstein as an alternative to the union.
"The UK is more likely to continue its move away from the EU after such behaviors as this, especially as the anti-EU political party UKIP is taking the Conservative heartland," Skinner said.
Meanwhile, Chief Economist Emerging Markets at Standard Bank, Timothy Ash, said that Cameron’s strong reaction to the EU’s request was a result of the migration of voters from Cameron’s party to UKIP.
“Cameron is doing this because he faces a big threat from the UKIP, but he is no Mrs Thatcher,” Ash said.
Cameron has pledged to re-negotiate the UK's arrangements with the EU and hold a referendum on membership of the bloc if his party wins the May 2015 parliamentary elections.
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