BREXIT: EU 'desperate' for UK to fund bailout

The EU is so desperate for UK trade following an economic collapse in the bloc that Brussels will beg Boris Johnson to extend the transition talks.

Former Brexit Party MEP Alex Phillips told talkRADIO that the UK risks shouldering the burden of a huge EU bailout if Boris Johnsons is forced into extending the Brexit transition. She said that the UK would be forced to pay billions to help fund the EU's immense bailout, after the European Commission unveiled a recovery fund worth €750bn (£670bn) this week. This comes as the European Union would consider extending the Brexit transition period with the UK according to a senior advisor to Michel Barnier.

Economies across the 27-nation EU bloc have been ravaged by the COVID-19 pandemic, with the eurozone facing a total collapse.

The European Central Bank has warned that the EU's single currency bloc can now expect an even worse downturn than previously forecast.

The ECB's president Christine Lagarde said the euro economy will shrink by eight to twelve percent because of a “sudden stop of activity” caused by the pandemic.

The recession will be twice as deep as the 2008 financial crisis, as Ms Lagarade said the bloc faced a “massive economic crisis and one that was literally unheard of in peace time for the damage it is causing”.

Barnier's adviser Stefaan de Rynck said this week that there are still “huge challenges” to overcome before the end of the transition period.

Mr de Rynck also agree with the UK’s chief negotiator David Frost in saying there was little chance of a deal on fishing being agreed by the 30 June deadline.