Brexit to blow 20 billion euro hole in EU budget

Brussels, Wednesday The European Union faces a 20-billion-euro hole in its annual budget due to Britain’s withdrawal and rising costs in i...

EU Budget Commissioner Guenther Oettinger.

Brussels, Wednesday

The European Union faces a 20-billion-euro hole in its annual budget due to Britain’s withdrawal and rising costs in issues such as defence, a commissioner said. EU Budget Commissioner Guenther Oettinger, of Germany, called on the bloc to improve the efficiency of its spending in the wake of Brexit in March 2019.

“We won’t have the UK with us any more, but they were net payers despite the Thatcher rebate, so we will have a gap of 10 to 11 billion euros a year,” Oettinger told a press conference as he unveiled the commission’s proposals for the budget.

Under late British prime minister Margaret Thatcher, Britain secured an annual rebate on its budget contribution worth more than three billion euros.

Oettinger wrote separately in a blog on the proposals that “at the same time we need to finance new tasks such as defence, internal security... The total gap could therefore be up to twice as much.”

The German commissioner said that the EU could, after Britain leaves, save money by eliminating all rebates enjoyed by a number of other countries. But it would have to take further measures, he said.

“I am ambitious and realistic,” he said. “The Brexit gap will be financed by a mix of cuts, shifting expenditure, saving, and some new sources of money.”

The commission’s proposals suggest in particular that EU countries could save a lot of money by cooperating in key areas, as they aim to do on defence post-Brexit. -AFP

The post Brexit to blow 20 billion euro hole in EU budget appeared first on Mediamax Network Limited.



from WORLD – Mediamax Network Limited http://bit.ly/2snBQla
Nairobi Kenya African News, k24 live, around the globe, media max networks news Kenya

Related

Trending news 1754742680436195487

Post a Comment

emo-but-icon

Follow Us

Contact Us

For Complains and compliments towards this website, contact us on dailykenyapost@gmail.com or use the contact form below (on the footer).
item