Minister and blogger David Miliband is an avid reader of this blog and has even been known to post in the comments. It appears his webmonging has finally paid him dividends. He has picked up on Guido’s story from last month (and here) about the Tories obscurely (and possibly in most cases unknowingly) voting to make British law take primacy over EU law. The boy Miliband has managed to twist it into an article for the Guardian claiming that the Tories are all anti-EU extremists.

Bill Cash’s amendment to the Regulatory Reform Bill was supported by 130 Tory MPs, including most of the front bench. This seemingly obscure proposal is a dagger pointed at the heart of Britain’s EU membership: it means withdrawal.

Tory daggers leading to withdrawal? No it doesn’t mean that David, it would mean that the British would make their own laws and the Commission would have to like it or lump it. What are they going to do, throw the third biggest economy out of the EU because we won’t regulate the bends in bananas to EU standards? Come off it.

We have heard all this silly scaremongering before regarding not joining the Euro. Miliband was at that time putting it about that this could spell the end of the world for the City and bring on the collapse of the British economy. His latest dire warnings should be taken with a pinch bucket of salt. In reality Italians today look at the free floating pound jealously whilst hedge funds in Mayfair and St James’ alone control more capital than the Paris and Frankfurt combined Euro-Finanzplatz which was supposed to crush the Square Mile. The mighty Deutsche Bank has humiliatingly even moved most of its trading activities from Frankfurt to London…