The government only has one argument in favour of the Fiscal Treaty: If we vote NO, we will be unable to borrow money to fund public services. There will be no stability and so the ATM machines will seize up.

The government’s case comes down to access to the European Stability Mechanism fund. This is a €700 billion firewall that eurozone governments can draw on if other borrowing costs are too high.

The political establishment are terrified that the wider European revolt against austerity will derail their treaty....