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Tom Kirkman

EU budget is broke after Brexit. UK budget should be fine though after Brexit

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EU leadership in a panic now that the UK has exited and EU cannot continue taxing the UK to subsidize the EU Socialist compulsions.

EU budget is now €75 billion in the hole, after UK's departure from the Socialist EU block.  I'm not worried about the UK though, they should be fine after exiting the Marxist-centric collective of the EU.   Blunt and Direct Time.

Perhaps this budget gap is going to finally bring to a screeching slowdown the EU leadership's demands to kill off oil & gas as glowingly espoused and (and demanded by) the Climate Change Panic brigades.

This article headline is long, but pretty much correct:

EU gripped by budget chaos after Brexit: Austria, Denmark, the Netherlands and Sweden REFUSE to pay for one trillion euro plan to help poor regions, fight climate change and plug budget black hole left by Britain's departure

  • Brussels summit reached a stalemate after talks continued into early Friday
  • UK's departure last month has left the bloc with a €75billion hole in its budget 
  • 'Frugal Four' countries including Netherlands are unwilling to pay more to fill it 

EU leaders were facing budget chaos today at a bruising first summit since Brexit as four wealthy nations refused to fill the gap left by Britain's departure. 

The 27 leaders reached a stalemate after arguing into the early hours in Brussels, with talks on the trillion-euro budget resuming for a second day today and this afternoon there was still deadlock.  

The UK's departure has left the bloc with a €75billion (£63billion) hole in its finances over seven years and the budget battle has exposed bitter divisions between EU members. 

Germany wants to spend more on climate change while France is seeking more money for a joint defence, with poorer nations determined to keep their generous EU payouts. 

But the so-called 'frugal four' of Austria, the Netherlands, Denmark and Sweden are unwilling to pay more to plug the gap.  ...

 

... However, the poorer southern and eastern European nations want to keep generous EU funds coming regardless of Brexit. 

French leader Emmanuel Macron has backed calls to resist spending cuts, saying it would be 'unacceptable' to 'compensate the departure of the British by reducing spending'.  ...

 

... France, the number two contributor after Germany, wants to safeguard subsidies for farmers but is uneasy about the growth of so-called 'cohesion' funds for poorer nations.  

Germany, the Netherlands and others are keen to shift funds towards new priorities including global warming, migration and growth in the digital economy. 

The EU budget is drawn from national contributions as well as money from customs duties, a cut of sales tax and fines levied on companies.  

The bloc is also looking for new sources of revenue, but the leaders are split on a proposed tax on plastic waste or sharing profits from carbon emissions trade.

Officials warn that without a deal by the end of the year, the bloc will have to freeze most of its projects from 2021.

 

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