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Thursday, 30 June 2011

Barroso tables €1trillion budget for EU until 2020

The European Commission yesterday (29 June) presented long-awaited proposals for the EU's next seven-year budget (2014-2020). In a bid to reduce national contributions, the Commission suggested levying new taxes directly, a proposal that was strongly rejected by the UK, which labelled it "unrealistic". José Manuel Barroso, president of the European Commission, proposed to increase the EU budget from the current €976 billion to €1.025 billion for the next seven-year period, which starts in 2014. This represents a 4.8% increase, which is beyond the average 2% inflation recorded in the last decade.

Source: Euractiv