The EU Prepares to Unveil Its Long-Term Budget Proposals

It’s less than two weeks until the European Commission unveils its long-term budget proposal, and politicians, bureaucrats, corporations and advocacy groups are all manoeuvring to get their slice of the pie. 

The European Commission aims to finalize the post-2020 budget, the next Multiannual Financial Framework (MFF), before the May 2019 European Parliament election.

But many veterans of the process say this timeline is unrealistic and that the budget will be finalized at the very last moment, after the election. The UK leaving will leave a gap of 12 to 13 Billion Euro, but this is likely to be made up by other countries contributing more.

This is how the EU budget looks at the moment. The UK paid in 12.768 Billion Euro but got back 7.058 Billion. Obviously, the rich countries in Europe are financing development in the poorer countries. However, the long-term benefit is that these poorer countries, particularly the ex. communist countries of Eastern Europe will grow and be markets for more goods and services.