The Chief Secretary to the Treasury (Elizabeth Truss)
I am today laying before Parliament the “European Union Finances 2018: statement on the 2018 EU Budget and measures to counter fraud and financial mismanagement” (CP 114). This is a routine annual publication and is the 38th in the series.
The statement gives details of revenue and expenditure in the 2018 European Union Budget, recent developments in EU financial management and measures to counter fraud against the EU Budget. It also includes a chapter and annex on the use of EU funds in the UK over the period.
This year, in light of the UK’s vote to leave the EU, the paper also contains an annex with the latest forecast (previously published in the OBR’s Economic and fiscal outlook in March 2019) of the UK’s financial settlement, as detailed in the withdrawal agreement. Since this forecast, the Government have agreed an extension of Article 50. This extension will affect the size of the financial settlement as the UK will make contributions to the EU as a member state, which would have fallen due under the implementation period. The net effect on EU contributions is zero.
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