The U.K. is running out of bargaining chips in its "weak and pathetic" negotiations with the European Union over its terms of membership, the leader of the euroskeptic UK Independence Party, Nigel Farage, told CNBC.
Prime Minister David Cameron is holding talks to keep Britain in the European Union, with the bloc's 28 leaders suggesting there are only a few obstacles left to a new membership deal.
But Farage, who wants a political exit from Europe, says the deal being sought, which includes an "emergency brake" on benefits for migrants working and living in the U.K., is not worth seeking.
"If he (Cameron) succeeds in an emergency brake and if he succeeds in getting the migrant benefit deal he might save £50 million ($71 million). Goodness me we pay that every day to be a member of the European Union," he said.