The Hindu Business Line
‘Brexit entails Budget cuts for rest of the bloc’
Without Britain’s contributions, the remaining European Union members will need to get by on a smaller budget, according to Denmark.
No one, including Germany, wants to fill the €7.6-billion ($7.9 billion) hole that will be left once Britain – a net contributor to the EU – leaves the bloc, Danish Finance Minister Kristian Jensen said in an interview on Friday.
“The EU cannot continue spending the same amount of money when one of the largest contributors leaves,” said Jensen.
The comments offer a preview of the bitter talks ahead on a key challenge facing the EU once Britain exits. The bloc has operated with an annual budget of about €140 billion, an amount agreed every seven years after governments fight over everything from agriculture subsidies to research support.