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prospect of more treaties following the Eurozone crisis. 50 Cameron hoped to capitalise on the Eurozone crisis by using the referendum and threat of leaving to steer the EU away from federalism. Yet when it came to the official negotiations in 2016, he could offer very little to the public, with the main promise to limit some in-work benefits for EU migrants. Alongside the misguided Conservative promise to cap annual migration net in ‘the tens of thousands’ – misguided for many reasons, including that freedom of movement
; productive economic activity was deliberately disrupted and frozen; and there was unprecedented state intervention into the economy, including paying the wages and salaries of workers unable to work. Chancellor Rishi Sunak committed to do ‘whatever it takes’ to get through the crisis (echoing the then President of the European Central Bank Mario Draghi's famous and famously effective promise during the Eurozone crisis in 2012). Sunak initially committed over £330 billion in measures. 9 The Bank of England cut interest rates