EU asks UK to pay extra £1.7bn after 'increase in wealth'

clock

The UK must contribute an extra £1.7bn (€2.1bn) to the European Union's budget after the economy performed better than expected.

The EU is asking for the payment after a revised calculation of how much each member state must contribute, based on gross national incomes, the BBC reports. The payment adds a fifth to the UK's annual net contribution of £8.6bn. It is based on a review of the UK's economic performance since 1995, and the pace of growth over the last four years. A European Commission spokesman described the payment as a result of the UK's "increase in wealth" and likened it to a tax payment.  But the additional payment comes at a time when the government is under pressure from eurosceptics. Earlier...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

Why the lead-up to the Budget may have been worse than the Budget itself

Why the lead-up to the Budget may have been worse than the Budget itself

What Rachel Reeves and Dr Evil have in common

Laith Khalaf
clock 13 November 2024 • 4 min read
Bank of England meets expectations with 25 basis point rate cut to 4.75%

Bank of England meets expectations with 25 basis point rate cut to 4.75%

'Continued progress' on disinflation

Valeria Martinez
clock 07 November 2024 • 2 min read
'Budget will be a reset for our economy' Reeves tells IMF colleagues

'Budget will be a reset for our economy' Reeves tells IMF colleagues

Autumn Budget on 30 October

Linus Uhlig
clock 24 October 2024 • 2 min read