'Come all the way' back to EU, French finance minister tells UK
Source: BBC Politics ↗
French finance minister Roland Lescure told the BBC that Britain is always welcome to re‑enter the European Union, saying “come back, anytime” after Labour leader Andy Burnham hinted a second Brexit referendum could appear in a future Labour election manifesto. Lescure emphasized that EU membership, while not without difficulties, gives countries a stronger platform to tackle global challenges. He noted that the decision to leave was the British people’s “100 % right”, but if they choose to return they must simply decide to do so.
The invitation came as Burnham warned that upcoming EU rules designed to protect European manufacturers – the “Made In Europe” scheme that favours companies inside the bloc for public contracts and subsidies to counter Chinese competition – could harm UK industry and supply chains. The EU’s car sector has urged that the UK be included to avoid disruptions, and Lescure replied that rejoining would place Britain at the negotiating table for such initiatives. Burnham’s comments also raised the prospect of the UK staying in its current arrangement, rejoining the customs union or single market, or pursuing full membership again.
Lescure’s interview also turned to domestic French issues, highlighting widespread student protests that have forced more than 500 schools to close partially or fully. He acknowledged the fiscal strain of funding health and pensions while trying to improve education, saying the upcoming budget will cut health spending and ask retirees to accept a below‑inflation pension rise. With France’s public borrowing now exceeding 5 % of GDP and borrowing costs rising relative to Germany, Lescure stressed the urgency of reforms to avoid future eurozone central‑bank intervention, while insisting that the budget will pass a divided parliament and that France can continue issuing debt without major problems.
⚡ Effects Interpreter
🌍World Economymedium impact
What this means for you
- ▶International confidence can wobble, then steady, as politics plays out.
- ▶Global businesses tend to hedge their bets when politics gets unpredictable.
🏙️Local Economymedium impact
What this means for you
- ▶The pinch, if any, tends to show up first at the till.
- ▶The cost of a weekly food shop can creep up in the background.
🏦Rates & Banksmedium impact
What this means for you
- ▶Rate-setters tend to wait for calm before acting.
- ▶A period of political uncertainty usually means a period of rate caution.
❤️Healthlow impact
What this means for you
- ▶Local health services could get busier depending on how things develop.
- ▶Sleep and appetite can be the first quiet casualties of unsettling news.
💷Wealthmedium impact
What this means for you
- ▶Financial plans built on solid ground rarely need urgent revisiting here.
- ▶It's a reasonable moment to check your investments are still on track.
🏠Housingmedium impact
What this means for you
- ▶The housing market has a habit of lagging behind the headlines.
- ▶The property market tends to move slowly, so expect any change to take time.
🌍 Effects for your country
The U.S.'s central bank rate currently stands at 3.75%, so a global rates move like this could feed through to local borrowing costs. The U.S.'s economy is growing at 2.3% with inflation at 3.2%, the backdrop this story's effects play out against locally. Housing-market effects like this are usually felt most where mortgage rates track the U.S.'s own central bank rate closely. With the U.S.'s unemployment at 4.4%, personal-finance effects like this land on a labour market that is currently fairly stable. Health-system effects are harder to localise from economic indicators alone — the real impact in the U.S. depends more on local healthcare capacity than the figures above.
The UK's central bank rate currently stands at 3.75%, so a global rates move like this could feed through to local borrowing costs. The UK's economy is growing at 0.8% with inflation at 3.2%, the backdrop this story's effects play out against locally. Housing-market effects like this are usually felt most where mortgage rates track the UK's own central bank rate closely. With the UK's unemployment at 5.6%, personal-finance effects like this land on a labour market that is currently fairly stable. Health-system effects are harder to localise from economic indicators alone — the real impact in the UK depends more on local healthcare capacity than the figures above.
France's central bank rate currently stands at 2%, so a global rates move like this could feed through to local borrowing costs. France's economy is growing at 0.9% with inflation at 1.8%, the backdrop this story's effects play out against locally. Housing-market effects like this are usually felt most where mortgage rates track France's own central bank rate closely. With France's unemployment at 7.9%, personal-finance effects like this land on a labour market that is already under strain. Health-system effects are harder to localise from economic indicators alone — the real impact in France depends more on local healthcare capacity than the figures above.
Romania's central bank rate currently stands at 6.5%, so a global rates move like this could feed through to local borrowing costs. Romania's economy is growing at 0.7% with inflation at 7.8%, the backdrop this story's effects play out against locally. Housing-market effects like this are usually felt most where mortgage rates track Romania's own central bank rate closely. With Romania's unemployment at 6%, personal-finance effects like this land on a labour market that is currently fairly stable. Health-system effects are harder to localise from economic indicators alone — the real impact in Romania depends more on local healthcare capacity than the figures above.
The UAE's central bank rate currently stands at 3.65%, so a global rates move like this could feed through to local borrowing costs. The UAE's economy is growing at 3.1% with inflation at 2.5%, the backdrop this story's effects play out against locally. Housing-market effects like this are usually felt most where mortgage rates track the UAE's own central bank rate closely. Health-system effects are harder to localise from economic indicators alone — the real impact in the UAE depends more on local healthcare capacity than the figures above.