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Tensions stacking up between UK and Brussels – Investec

FXStreet (Barcelona) - Jonathan Pryor, Corporate Treasury Analyst at Investec notes the rift between the UK and Brussels over the EU payment deadline.

Key Quotes:

"The EU's budget chief, Jacek Dominik, warned Prime Minister David Cameron that it would be difficult for the UK to extend its December 1st deadline to make the requested and widely publicised £1.7 billion payment to the EU budget. Mr Dominik said that under current budget rules, there would need to be an amendment of the current EU budget legislation, which would need the backing of a special majority of member states."

"More bureaucracy from Brussels after PM Cameron refused last week to meet the EU payment deadline, believing the economic performance charge was sprung on him. The rift continues to grow between the UK and Brussels, with the press reporting this morning that the EU payment fiasco has increased anti-EU party UKIP's support even further."

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