The EU wants to carry on investing, but has admitted more money is needed than is currently available

The EU has set an ambitious six year budget, which aims to solidify the union’s role on the global stage.

From 2021 to 2027 the EU proposes £1.135 billion in commitments to a variety of different projects and sectors.

However, it’s not clear where the additional funding will come from, especially with the UK leaving in 2020.

Areas of ‘interest’

According to the document:

To fund new and pressing priorities, current levels of funding will need to be increased. Investing now in areas such as research and innovation, young people, the digital economy, border management, security and defence will contribute to prosperity, sustainability and security in the future. For instance, the budget of Erasmus+ and the European Solidarity Corps will be doubled.

Jean-Claude Juncker said: “Today is an important moment for our Union. The new budget is an opportunity to shape our future as a new, ambitious Union of 27 bound together by solidarity. With today’s proposal we have put forward a pragmatic plan for how to do more with less. The economic wind in our sails gives us some breathing space but does not shelter us from having to make savings in some areas. We will ensure sound financial management through the first ever rule of law mechanism. This is what it means to act responsibly with our taxpayers’ money. The ball is now in the court of Parliament and Council. I strongly believe we should aim to have agreement before the European Parliament elections next year.”