Spain and Germany each get 26, France 16 and the UK 7 1/2. You didn’t think you could get half a Eurovision vote? Well, that’s not what I’m on about.
Those figures, which are expressed in thousands of pounds, are the annual state pensions in those countries. Actually, it is complicated depending on earnings and retirement age so just take them as an indication; but you will have got the point. We worry about our state pension liabilities in the future as the UK work force – who pay these pensions – shrinks and the number of pensioners swells. France, Spain and Germany are in a much deeper hole. Will staying outside the eurozone insulate the UK from mutualisation of this liability? By staying in the EU are we risking mutualisation at some point in the future? This is just one issue that will confront voters in the EU referendum and it’s jolly hard to know the answer. I can only say that I’m suspicious that the European pensions time bomb has not been on the agenda. We had a hint this week when the huge bill for paying pensions to MEPs was raised. That really is insignificant compared to what has been promised to European citizens to be paid to them out of unfunded pension schemes.
David Cameron has a real job on his hands to arrest further integration. If he doesn’t succeed it’s hard to avoid the logic of voting to get out. We can only await events but until we know the outcome of these negotiations it’s only sensible to keep an open mind.