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Insect ID please

Found this caterpillar (?) nest on a European spindle (Euonymus europaeus 'Red Cascade'). What are they and should I remove them to prevent them eating the spindle or neighbouring plants and veg?

Many thanks
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Posts
http://hyg.ipm.illinois.edu/pastpest/200806g.html
Considered invasive in the US (https://www.vtinvasives.org/news-events/news/a-spectacular-display-of-extreme-webbing ) but if you’re in the UK this site says not to worry and hedgerows will soon recover — however you may feel different if it is a prized shrub: https://butterfly-conservation.org/news-and-blog/dont-worry-about-ermine-webs.