This call for a timely inquiry follows as previously reported the payment of £18.5billion to the EU. The peers are looking into a major report, as requested, to consider whether it still makes sense for the UK to stay in the EU.
They appear to be slowly coming to the conclusion that these payments every year do not show any sense nor are worthwhile.
Do not to forget that the sum of £18.5billion was paid on top of the bail-out sum of £12.5billion to rescue Greece, Ireland and Portugal.
Lord Pearson stated in his speech that for 30 years the politicians avoided any debate on the UK's membership of the EU. But now the question is firmly raised on the national agenda whether to leave the EU or not. However, this bill only requests the Chancellor to set up an impartial inquiry to detail the costs and benefits of the British membership of the EU.
He pointed out that the receipts from Brussels of £10billion, could have paid for much in the UK. It would have paid for 940 nurses' salaries, for example. He was backed by the Tory former frontbencher Baroness Noakes and Lord Stevens of Ludgate.
As hinted in our previous report it is now revealed that the average Eurocrat is earning a massive £80,000 a year. while the average UK civil servant earns around £34,600 a year. No wonder they all run over there the moment there is an opportunity. The EU wage bill reached £4,45billions which is an increase of 5.6 per cent.
High time they all got out, I think.
Another question arise, which is about the necessity or not of the IMF. That is another waste of money or a way of cashing in. The Central Bank of Europe, which does exist could handle and do the same work with no extra cost. So where is the justification for the existence of the IMF?