4205
EU Cuts UK Surcharge
World Economy

EU Cuts UK Surcharge

EU finance ministers meeting in Brussels have announced a reduction in the $2.6 billion (€2.1 billion) surcharge demanded from the UK by December 1 in an apparent concession to British Prime Minister David Cameron’s demands for both a cut and delay in payment.
Kristina Georgieva, the EU commissioner responsible for Budget and Human Resources, told a press conference in Brussels on Friday that Britain would only pay about $1.25 billion (€1b) by a deadline of September 1, 2015, World Bulletin reported.
She said the postponement of the surcharge until next year allowed the sum to be partially offset by a higher rebate.
The move was seen as an attempt to end acrimony with Britain which flared after the surcharge was levied by the European Union following an annual review, which showed the UK’s economic growth had fared better than most of its European neighbors since 1995.
Cameron had earlier called for both a reduction in the levy and a delay in payment.
He said during a summit of north European leaders on Friday, ‘’If those two conditions are satisfied then I’d be content, but if they’re not satisfied, then I won’t be content.’’
‘’Sometimes you pay a little bit more, sometimes you pay a bit less; what has been difficult this time is the scale of the payment that was asked not just from Britain but from other countries as well,’’ Cameron added.
UK’s Chancellor George Osborne said before entering the EU Council: “The demand that Britain pays £1.7 billion ($2.6 billion) on the first of December is unacceptable.”
“I will make sure we get a better deal for Britain,” he added.
The surcharge dispute has not only sparked anger cross the UK but also comes amid heightened tensions between Britain and the EU, whose executive body – the European Commission – is calling for a €300 billion investment package.

Short URL : http://goo.gl/xhekzb

You can also read ...

Saudi Arabia Bleeds as Capital Flight Continues
As Saudi Arabia raises the stakes in its dispute with Canada...
 Final Nail in Abraaj Coffin
The Abraaj Group has been put through the ringer in past...
Experts Say China Economy Manageable
Recent external pressures, a general global trade malaise...
Qatar Pledges $15b Investment :      Turkish Lira Weakens 6% on Threat of More US Sanctions
Turkey’s battered lira weakened more than 6% against the...
Europe Should Resist Illegal US Penalties
European countries should take effective steps to counter US...
Australia Drought Could Cost $12 Billion
The Reserve Bank of Australia and a new report have warned of...
Indonesia Sets Moderate Growth Goals
Amid rising external pressures, Indonesia’s economy is...
 Crypto Scams on the Rise in UK
Crypto currency scams are using images of celebrities and...

Trending

Googleplus