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CDE Almería – Centro de Documentación Europea – Universidad de Almería

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Brexit Adjustment Reserve: MEPs want swift disbursement of €5 billion fund

Inicio » EU News » Market » Economy and Finance » Brexit Adjustment Reserve: MEPs want swift disbursement of €5 billion fund

10/06/2021

Parliament is now ready to negotiate with Council the details of the fund to help EU countries to counter the adverse consequences of the UK’s withdrawal.

  • Support focused on countries and sectors worst affected by Brexit
  • Eligibility period covers investments made from 1 July 2019 to 31 December 2023
  • Banking and financial sectors are excluded from support
  • Specific commitment to fisheries and communities dependent on UK waters

Parliament adopted on Wednesday its position regarding the €5 billion Brexit Adjustment Reserve (in 2018 prices – €5.4 billion in current prices). Talks with the Council will start on 9 June and MEPs intend to reach a political agreement on 17 June so that funds will be available quickly.

The main points of Parliament’s negotiating mandate are:

– A pre-financing tranche of €4 billion disbursed in two equal instalments in 2021 and 2022, with the remaining €1 billion paid in 2025;

– Eligibility period covers costs incurred from 1 July 2019 to 31 December 2023 in preparation for the expected negative Brexit effects;

– An allocation method based on three factors: the importance of trade with the UK, the importance of fisheries in the UK exclusive economic zone and the population living in maritime regions bordering the UK;

– Focus on SMEs and self-employed, job creation, and reintegration of EU citizens returning from the UK as a consequence of Brexit;

– Financial and banking sector are excluded from support;

– Small-scale fisheries and local communities dependent on fishing activities in UK waters shall receive at least 7% of national allocation (for countries concerned).

More information  here.

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Publicaciones relacionadas

Macao: EU reports on political and economic developments in 2020 Nearly 70 billion euros in Spain’s Recovery Plan Post-COVID aid: Spain to receive 36.6 million euros New VAT rules for e-commerce in the EU EIB and Banca March support spanish companies affected by the COVID-19 crisis

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