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Article: EU BUDGET: UK BECOMES NET BENEFICIARY FOR FIRST TIME.(European Union)(United Kingdom)(Brief Article)
- Article from:
- European Report
- Article date:
- September 28, 2002
CopyrightCOPYRIGHT 2002 Europolitics. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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For the first time since it joined the EEC nearly thirty years ago, the United Kingdom became a net beneficiary from the Community Budget in 2001 to the tune of Euro 707.5 million, a gain representing 0.05% of British GDP. Budget Commissioner Michaele Schreyer explained that this situation was due to cyclical effects. In the context of the 2001 Supplementary and Amending Budget, redistributing the balance of budget surpluses for the previous year among Member States, the United Kingdom received Euro 2,076 billion under the budget rebate it has enjoyed since 1984 (see European Report 2597 for further details). However, this trend may be confirmed in 2002 since the United ...