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European Union leaders will have to figure by themselves the surfacing budget issues they now inevitably face as Britain formally left the bloc in January. The void is in the bloc’s 2021-2027 finances, with Britain plucking out a whopping 75 billion euro ($81 billion) budget from the EU.
The coming seven-year budget plan covering the year 2021 up to the year 2027, the bloc has to start dealing with the potential loss of 1.074% of the EU’s gross national income (GNI), amounting to 1.09 trillion euros.
As the EU nation leaders meet on Thursday, they will try to end the feud over hundredths of percentage points that remained unsolved in the past two years.
“Tomorrow’s summit is a complex and complicated summit because the proposal we have received does not meet our expectations,” Italian Prime Minister Giuseppe Conte said in a statement.
The budget of the E.U. is coming from different sources including sales tax cut, antitrust fines, national contributions, and customs duties on goods. The budget is spent on subsidies for farmers, living standard equalizer aids, research, security, and so on.
On Monday, the Australian Competition and Consumer Commission (ACCC) filed a case against Google (GOOGL) in federal court after allegations that the multinational technology company misled its consumers about the expanded use of their personal ...
The second quarter likely saw South Korea’s economy hitting its sharpest downturn in over two decades, a Reuters survey showed on Tuesday. This was mainly from the pandemic dragging the labor market, consumer spending, and global export ...
The euro hit a four-month peak against the dollar on Wednesday on hopes that the European Union would implement economic stimulus and deeper fiscal integration to support the economy amid the pandemic. The euro rose to $1.1423, its highest ...
Swiss pharmaceutical giant Novartis AG (NVS) has agreed to pay more than $729 Million to settle a lawsuit that accused the company of paying illegal kickbacks to doctors and patients to increase drug sales, the U.S. Department of Justice said ...
Great Britain’s economy was seen dropping at its most rapid pace in centuries. This was mainly from the disruptions brought by the virus crisis on demand. However, it has a high chance of recovering from inactivity next quarter as more ...
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