Britain Faces Losing Power Over Its Own Budget Under New Plans For an 'Economic Government of the EU'

Britain could be forced to have its Budget signed off by European leaders under plans to impose an 'economic government of the EU', it emerged yesterday.

German Chancellor Angela Merkel is pressing for 'oversight' of national economies to be included in controversial arrangements that were agreed by EU leaders yesterday.

She wants to introduce financial penalties for states with persistently high budget deficits, giving the EU a high degree of control.

This could see Britain forfeiting the £2billion annual 'structural funds' paid out to some of the nation's poorer areas by Brussels.'

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