European Union leaders will clash this week over the EU's 2021-2027 budget ...
BRUSSELS - European Union leaders will clash this week over the EU’s 2021-2027 budget as Britain’s exit leaves a 75 billion euro hole in the bloc’s finances just as it faces costly challenges such as becoming carbon neutral by 2050.
For the coming seven-year cycle, the starting point for talks is 1.074% of the bloc’s gross national income , or 1.09 trillion euros. By contrast, EU national budgets claw in 47% of annual output on average. The EU budget gets money from customs duties on goods entering its single market, a cut of sales tax, antitrust fines imposed by the EU on companies, and from national contributions.
For many central and eastern European countries, EU “cohesion funds” are crucial. “The costs related to Brexit and other challenges should be more equitably distributed,” Polish Prime Minister Mateusz Morawiecki wrote in the Financial Times, adding this was not the case due to proposed deep cuts for cohesion policies and the Common Agricultural Policy .
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