EU unveils first post-Brexit budget

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By Euronews
Nigel Farage and Jean-Claude Juncker
Nigel Farage and Jean-Claude Juncker

The European Union has unveiled its first long-term budget for the post-Brexit era......coming in at 1.279 trillion euros for the 2021 to 2027 period.

​The departure of Britain, a net contributor, means other member states will have to pay more.

​To plug the gaps there'll be cuts to agricultural subsidies, but also increased contributions to areas considered to be priorities - such as migration and defence.

​EU Budget Commissioner Gunther Oettinger said: "We are going to tackle these problems by saving and by asking the member states to contribute a little bit more. Both saving and spending more, we believe to be the right way.''

For the first time, the budget links EU funds to upholding the rule of law.

The move will be seen as targeting countries such as Hungary and Poland, although the European Commission President denied this.

​''This mechanism is for general application,'' Jean-Claude Juncker said. ''It is not aimed at particular member states but it is an important aspect of the new budgetary architecture.''

​The proposed budget represents 1.1 per cent of total gross national income, up from 1 per cent.

​The EU Commission wants an agreement before European Parliament elections in May next year.