News
At an EU summit in Cyprus this week, the leaders of the 27 EU member states have been discussing the upcoming EU budget negotiations, for 2028-2034 (the EU agree their budget for 7-year periods). That these discussions are taking place now, 18 months out from the start of the budget period, is not surprising. What is surprising however is how the budget amount has nearly doubled since the time when the UK was still a member, in the 2014-2020 budget period.
The EU are looking secure support for a 7-year budget totalling €1.8 Trillion - when the budget for the 2014 period was just over €900 Billion. Part of the need for this increase, is to start paying back the loans taken out collectively for Covid. Thankfully the UK is completely outside of this process, as when it was a member it was responsible for around 12% - which if it were still a member would mean covering in the region of €30 Billion a year in core budget contributions.
