EU discusses post-Brexit budget

The European Commission (EC) on Monday held tough discussions on the EU’s budget after the UK leaves the bloc.

Finance for some sectors will be reduced to allocate resources for joint projects. At a conference in Brussels, EC President Jean-Claude Juncker said the EU is reaching the limit in its capabilities. The budget for 2014-2020 period is about 963 billion euro. Despite Brexit, the UK said it will pay its substantial share until 2020. From 2021, the EU will have to prepare for a new financial framework without the UK.

Budget chief Guenther Oettinger said the UK’s departure will deprive the EU of 12-13 billion euros from its annual budget. He called for saving from current expenditures to make up for 50% of shortfall and finding new investment sources.

Source: VOV5