Macron states that the UK’s failure to pay the £39 billion “debt” to the EU, which will probably end up over £100 billion, will result in a “sovereign debt default”.
This is totally ridiculous from any angle you care to look at it.
The UK has not borrowed a penny from the EU. Certain “liabilities” may become payable in the future, such as the UK’s backing of loans to indebted member nations, and there may be pension liabilities, but I actually doubt this. To bundle every conceivable liability the UK may, into a variable sum starting at £39 billion was a ludicrous suggestion in the first place, and the fact that a British Prime Minister actually put a signature to this clap trap shows the depths that this once great country has sunk to.
To Macron, we must say…the UK has never defaulted on a legitimate debt and it never will.
Macron is threatening the UK’s ability to borrow on the open market and that is no less than an act of war. If you think the fall out from a hard Brexit may be bad, it will be nothing when compared to the UK being unable to borrow to fund the gap between tax receipts and expenditure. The cuts would be very deep and make the current “austerity” look like a walk in the park. Bye bye state pensions for a start.
The UK will pay any legitimate liability it has to the EU as and when those liabilities become due.
Further, the UK has an international treaty with the Republic of Ireland and that treaty will be honoured just as the UK has always honoured any international treaty it has entered into (a fact that makes the Withdrawal Treaty so toxic).
Macron would be better served trying to improve his approval rating with the people of France.
He could be a hero in the UK though. All he has to do is veto any extension of membership for the UK beyond 31st October 2019. Other than that, the UK has no use for the likes of Macron.