About: http://data.cimple.eu/claim-review/162232659194a727e59c5ad3078e917c17b656974d6527dd8f5cd661     Goto   Sponge   NotDistinct   Permalink

An Entity of Type : schema:ClaimReview, within Data Space : data.cimple.eu associated with source document(s)

AttributesValues
rdf:type
http://data.cimple...lizedReviewRating
schema:url
schema:text
  • “The EU’s unpaid obligations threaten the UK with an extra £2.4 billion bill after the referendum.” Vote Leave, campaign website “And now we find that there is £20bn billion black hole in the EU's finances.” Boris Johnson, 6 June 2016 What is the ‘black hole’? The EU had a backlog of unpaid claims worth 24.7bn euro by the end of 2014. At current exchange rates this equals £19.4bn. The bulk of the money owed was through the Cohesion Policy, which funds investment in poorer EU regions (including some parts of the UK). These unpaid claims equalled 7% of the planned cohesion budget of £347m for 2007-13. Paying out against these past claims means that the EU will have less to money to invest in schemes that run from 2014-2020. Why did this build up? The volume of claims increased more sharply than expected from 2011 onwards, according to the European Commission. The commission suggest the 2008 financial crisis, the 2011 Eurozone crisis and austerity measures by national governments all contributed to increasing the volume of claims. At the same time, the ceilings which set the maximum quantity of payments were dropped in 2014. Why could it be a problem? The main side-effect is a reduction in the money available to fund the 2014-2020 programme. The EU also has to pay some interest on late payments, and late payments damage the credibility of funding programmes. How will it be paid back? The majority of these payments are covered in the 2016 EU budget, so roughly 12.7% of them will be supported by the UK’s regular contribution. £2.4bn will have been supported by the UK. No country will provide additional support outside their regular contribution to the EU budget. The price being paid is having less money to spend on current priorities. Update 6th June 2016 In a conversation earlier today, we understood from the European Commission that it was seeking to reduce the level of these payments. That was reflected in this article when it was first published. They have subsequently clarified that the full amount will be paid.
schema:mentions
schema:reviewRating
schema:author
schema:datePublished
schema:inLanguage
  • English
schema:itemReviewed
Faceted Search & Find service v1.16.115 as of Oct 09 2023


Alternative Linked Data Documents: ODE     Content Formats:   [cxml] [csv]     RDF   [text] [turtle] [ld+json] [rdf+json] [rdf+xml]     ODATA   [atom+xml] [odata+json]     Microdata   [microdata+json] [html]    About   
This material is Open Knowledge   W3C Semantic Web Technology [RDF Data] Valid XHTML + RDFa
OpenLink Virtuoso version 07.20.3238 as of Jul 16 2024, on Linux (x86_64-pc-linux-musl), Single-Server Edition (126 GB total memory, 3 GB memory in use)
Data on this page belongs to its respective rights holders.
Virtuoso Faceted Browser Copyright © 2009-2025 OpenLink Software