BBC Loans from the EU
I have often stated that the BBC is and has always been pro EU, its output has constantly denied air time to a very large proportion of the British people who would wish to leave the Union, they (the BBC) have simply dismissed these people as a lunatic fringe. Perhaps we should all ask ourselves why the British state broadcaster which owes its finances to all the British people should be allowed to continue to have the right to tax all the people by taxing television itself, if it is not going to allow half the people to have their view represented. Perhaps we should also all ask ourselves why the BBC is pro-EU as it undoubtedly is, or more importantly why would the EU wish to issue loans totalling £91 million to the BBC at the loan cost to the EU? What would the EU get out of such a deal, obviously not a financial reward, not the normal investment returns, in fact no financial returns at all. Perhaps we should also ask ourselves if we wish our state broadcaster to be pumping out EU Propaganda. According to the BBC Annual Report and Accounts 2002/2003 there are two outstanding loans from the European Investment Bank to the BBC totalling £91 million. “The European Investment Bank has made two loan facilities available to BBC Commercial Holdings. The first, for an amount of £66million, is available for drawing until March 2005 and must either be repaid in full as a single repayment by March 2013 or on an amortising basis by March 2015.The second, for £25million, is available for drawing until November 2003 and is repayable in one single instalment by November 2007.The interest rate applicable on both facilities is determined with reference to the European Investment Bank’s own funding cost and carries no margin above this funding rate. At 31 March 2003 nothing was drawn down under either of these facilities”.
