Conservative MEP votes against Iceland’s membership of the EU in protest at compensation owed London councils after Icesave collapse
Conservative MEP Marina Yannakoudakis today voted against a European Parliament resolution supporting Iceland’s application to join the European Union.
The London MEP refused to endorse Iceland’s membership because the resolution stated that money owed by Iceland’s Landsbanki after the collapse of Icesave “must not be an obstacle” to Icelandic accession.
In speech to the European Parliament explaining her decision, Marina said:
“As a London MEP , I cannot support this resolution. Six London borough councils had a total £120 million invested with Icesave. Transport for London invested a further £40 million and the Metropolitan Police £30 million.”
“Local authorities in London are suffering from painful cuts after the economic downturn and 13 years of a wasteful Labour government.”
“The Icelandic government is dodging its legal obligation to pay minimum compensation to these and other British depositors.
“Margaret Thatcher once said: ‘We are simply asking to have our own money back’. That is what we are asking of Iceland. Until they pay up I cannot support their membership application.”