Large number of Irish may move to the UK-David Cameron

United Kingdom, 30th November: The UK Prime Minister David Cameron has warned that the ongoing economic crisis in Ireland is likely to push large number of Irish to immigrate to the UK.

And keeping in view the impact of such a mass influx of immigrants from the Ireland into the UK, the Coalition has decided to offer a loan of around £10 billion to the Ireland Republic. Ireland will receive around 85 billion euros from International Monetary Fund, the European Union and other nations including Britain under the international bail-out.

While 50 billion euros will be given to the Government of Ireland, the balance loan will be given to the almost-bankrupt banks of the country.

The UK PM said the UK might have to bear the burden of a large influx of Irish migrants coming to the UK to get jobs here in case the economy of Ireland crashes.

Speaking about the issue, Mr. Cameron said that the loans to Ireland are debts being extended to help the Irish economy become secure, stable and developing. And that is in the interest of the UK, he stated. 

And if the Irish economy collapses, it will have a huge effect on the UK banks adding that Lloyds and RBS have outstanding loans of around £27 billion and £50 billion to Irish banks, he quipped. So, we must make sure to help the Irish economy.

The warning by the Britain PM comes close on the heels of tough tax and spending decisions announced by the international financial regulator(International Monetary Fund) that Ireland must follow if they want to save their finances.

Cameron said that the Irish government must deal with the banking problems of the nation and help it fix these at the earliest.

The government of Ireland is expected to provide an outline a 4-year plan likely to result in reduction of public spending by around £12.7 billion over the coming four years period.

Its being feared that the economic crisis of Ireland is likely to spread to Portugal and Spain. Speaking about the imminent failure threat, the German Chancellor Angela Merkel said that the nation is facing a serious situation. She added that current budget deficit of 32 percent in Ireland is a serious issue and asks for tough steps in return for IMF and EU loans.