BREXIT: IMPLICATIONS ON THE COMMUNITY BUDGET

Kostić, Jelena (2016) BREXIT: IMPLICATIONS ON THE COMMUNITY BUDGET. The Review of International Affairs (1164). pp. 74-89. ISSN 0486-6096

Text 2016 - RIA - Brexit Implications on the community budget - Jelisavac Trošić, Šuput.pdf - Published Version Available under License Creative Commons Attribution Non-commercial No Derivatives. Download (103kB)

Abstract

Following a referendum held in 2016, the United Kingdom will have to start the procedure for withdrawing from the membership in the European Union. Although the United Kingdom’s contribution to the budget of the Community is extremely large, the country used its resources to a lesser extent. However, the UK has made a concession to the application of the corrective mechanism in order to reduce the disproportion between the means the country has given to the budget and the budgetary resources that are used. Since in the 2016 referendum, most of the United Kingdom inhabitants voted for withdrawal from the Community, the question was raised about the consequences of such an act, especially for the European Union budget. The subject of analysis in this paper is the contribution to the budget of the Member States of the European Union, for the period 2010-2015, with a special reference to the contribution of the United Kingdom, as well as the analysis of the budgetary spending by the Member States. In this way, we will try to give answers which countries will mostly feel the consequences of the United Kingdom withdrawal from the membership in the European Union, in connection with the possibility of spending the funds from budget, as well as the implementation of the EU common policies. However, we should not make premature conclusions, given the fact that the withdrawal from the membership is an ongoing process.

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