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6/17, 3:10 PM (Source: TeleTrader)
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EU Council, Parliament reach €5B deal on Brexit mitigation

The Council of the European Union and the European Parliament reached on Thursday a preliminary agreement on a €5 billion fund to mitigate the effects of Brexit. The one-off emergency instrument will be available to all member states and should begin to be disbursed before the end of the year.

The fund will be spent on "compensating businesses for lost trade, preserving jobs, helping fishing communities, and building customs facilities at ports," with an emphasis on the regions most affected by the loss of business following the United Kingdom's exit from the bloc. Of the total amount, 80% or €4 billion will be distributed as pre-financing, of which €1.6 billion will be given out in 2021.

Breaking the News / DJ