EU leaders to confer post-Brexit budget worth $1.2 trillion

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EU leaders to confer post-Brexit budget worth $1.2 trillion

Leaders of the European Union are set to convene on Friday to address a new budget proposal which will allow the region to use 1.1 trillion euros ($1.2 trillion) in the 2021-2027 period. However, government factions might get along its way.

Finland proposed the budget plan which currently has the European Union’s presidency. It suggested that the next long-term budget should have a financial capacity between 1.03% and 1.08% of the region’s gross national income.

If this comes to pass, the EU can spend between 1 and 1.1 trillion euros in the next seven years. This will also be the first budget of the EU without Britain which is notably one of the biggest contributors to the region’s finances.

However, most of the members of the 27-nations EU were displeased.

“The text has caused nearly unanimous dissatisfaction,” a diplomat involved in the talks bared.

The Finns are still confident most nations of the EU bloc would support their budget proposal.

“The fact that almost everybody is against our text shows we have put forward a fair proposal.”

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