‘Stop funding EU!’ Nexit fury after new report shows damning reality of Dutch economy

Netherlands politician calls for 'Nexit' referendum

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A new survey issued by Credit Suisse revealed almost half of the Dutch population has a net worth of about 8,000 euros. The revelation sparked fury among campaigners calling for the Netherlands to leave the EU, as they claim it legitimises calls to stop funding the Brussels bloc.

Nexit Denktank campaigners said: “According to a survey by Credit Suisse, 45.1 percent of the Dutch have a net worth of less than about 8,000 euros.

“That does not stop the Dutch government from spending our tax money to realise the EU project and to finance other countries.


It comes as the EU Commission President, Ursula von der Leyen, is travelling across the bloc to rubber stamp member states’ Recovery Fund plans.

The European Union raised 20 billion euros from a 10-year bond last week in the largest-ever single-tranche institutional debt sale that saw near-record demand of 142 billion euros, taking a big step towards establishing itself as a major debt issuer.

The bond rallied sharply in the secondary market in further evidence of strong demand, with its yield – 0.086 percent at pricing – down 5 basis points to around 0.04 percent on Wednesday.

The rally was similar to that following the EU’s first issuance last October backing the SURE unemployment scheme, a smaller support programme.

With demand far above the deal size, much investor appetite was left unsatisfied, bankers involved with the deal said.

It attracted such large demand at issuance even though the EU capped orders it considered from hedge funds, which, inflating their demand to secure better allocations, have been a major driver of large bond sale order books.

The Credit Swiss report comes in spite of positive predictions made by the Dutch Government over its economic growth.

Government policy adviser CPB said on Tuesday that the Dutch economy is expected to recover much faster from its coronavirus slump than expected, as the rollout of vaccinations lets businesses reopen.

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The eurozone’s fifth-largest economy is set to grow 3.2 percent this year, the CPB said, following last year’s contraction of 3.7 percent, as consumers up their spending while unemployment remains low.

They said: “Permanent economic damage due to the coronavirus pandemic remains limited.”

In March the CPB predicted 2021 growth of only 2.2 percent, as the country was still largely in lockdown due to a massive wave of coronavirus infections.

In recent weeks, however, vaccinations have pushed infections back to their lowest levels in more than nine months, allowing bars, restaurants and stores to reopen.

Last Friday, Prime Minister Mark Rutte said most restrictions on public life would be lifted, as long as people kept 1.5 metres apart.

The CPB kept its 2022 outlook roughly unchanged at 3.3 percent.

Unemployment is predicted to stay at the historically low level of around 4 percent throughout next year, as government support helped many companies survive the crisis.

The government’s deficit is set to swell to 6 percent of gross domestic product (GDP) this year, but is expected to shrink to 1.5 percent in 2022 as support is phased out.

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