Jeremy Hunt compares no-deal costs to bank bailout and everyone is confused
- Credit: Sky News
Jeremy Hunt has been pilloried for comparing the costs of a no-deal Brexit to the money spent bailing out banks after the 2008 financial crisis.
In a series of tweets devoted to the Tory leadership hopeful's spending plans, he justified having to put aside enormous support funds for key industries. "We spent just over £1 trillion bailing out the banks after the financial crisis," he argued. "So if we did it for the bankers then why wouldn't we do it what is needed for our fishermen and our farmers now?"
In the lengthy thread, he argued that the country must prepare seriously to make a no-deal Brexit a "credible threat" in the eyes of EU negotiators. His plans for this include a £6 billion relief fund for fishers and farmers.
But the £1 trillion tweet has prompted hundreds of head-scratching replies.
Numerous people pointed out that Brexit is an entirely voluntary crisis, unlike the financial crash.
You may also want to watch:
"The big difference between the financial crash and Brexit is, the financial crash was something that unfortunately happened, while Brexit is a choice that we could still halt if we figured out it was going to cost £1 trillion," said Twitter user Nick Tyrone.
Others noticed that Hunt exaggerated the amount spent during the crash, with one councillor from Hunt's own party pointing out the inaccuracy.
- 1 The only Brexit export boom is from UK businesses rushing to Europe
- 2 Boris Johnson proposes saving United Kingdom with 'Project Love' plan
- 3 MEPs again refuse to ratify Brexit deal amid concerns No 10 is flouting conditions
- 4 The stench of scandal seeping out from Britain
- 5 Former Brexit secretary 'privately agreed' with Gina Miller's court action over Article 50
- 6 How the vaccines have shifted opinions over Brexit
- 7 PMQs: Commons speaker reprimands Boris Johnson over Greensill response
- 8 Tory candidate under fire after describing Brexit chaos as a 'hiccup'
- 9 PRINCE PHILIP: Why this Danish, Greek, German immigrant epitomised Britain
- 10 Major and Blair were right about Brexit and Northern Ireland
"We most certainly did not spend £1 trillion bailing out the banks," tweeted the leader of Camden's Conservatives, Oliver Cooper.
A House of Commons briefing paper found that the banking crisis cost £23 billion of public money, and Hunt's £1 trillion figure is likely to refer to expenditure plus the value of government guarantees.
Some Twitter users were confused that the party of fiscal responsibility was suddenly making impassioned arguments for massive public spending. Ceasefire Magazine's Hicham Yezza tweeted: "Jeremy Hunt now getting confused over which Jeremy he is ..."
But most comments were just in awe at the insanity of the entire situation and the arguments it is forcing the would-be leaders to make.
"It's all bonkers. Utterly bonkers," tweeted Gary Lineker.
Become a Supporter
The New European is proud of its journalism and we hope you are proud of it too. We believe our voice is important - both in representing the pro-EU perspective and also to help rebalance the right wing extremes of much of the UK national press. If you value what we are doing, you can help us by making a contribution to the cost of our journalism.