BRUSSELS/January 08, 2018(AP)(STL.News)— Top European Union officials are urging member countries to stump up more money to fund the EU’s ambitions and fill a yawning budget gap after Britain leaves the bloc.
European Commission President Jean-Claude Juncker said Monday that the EU and its members have to work “to find the means to fill the gap left by a contributor of billions of euros.”
The Commission estimates that Britain’s departure will cut contributions by around 12 billion euros ($14.4 billion) a year. Britain leaves the EU next year but has agreed to pay its budget share until 2020.
Juncker said the EU’s 2014-2020 budget, which totals some 1.09 trillion euros ($1.31 trillion), is not enough to fund the bloc’s growing ambitions in areas like defense, even with one less member.