2/14, 5:21 PM (Source: TeleTrader)
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EU introduces measures to cover budget gap after Brexit

European Council President Charles Michel (pictured) proposed on Friday the measures in order for the EU to fill the budget gap created after the departure of Britain from the EU bloc on January 31, according to media reports.

The proposed plan calls for money from carbon trading and plastics tax added to the EU revenues to help finance the 2021 - 2027 budget since Britain's exit from the EU left a gap of more than €10 billion in the EU's funding. Some EU officials think that the revenue from the plastics tax and carbon trading scheme could bring €14 billion to €15 billion a year.

At the same time, Michael proposed a budget at 1.07% of the EU's gross national income or €1.095 trillion, but the biggest net contributors such as Germany, the Netherlands, Austria, Sweden and Denmark oppose the plan suggesting the amount should be no higher than 1.0%.

Breaking the News / BJ