#uk_rebate
UK rebate
Financial calculation reducing the UK's EU contributions
The UK rebate was a financial mechanism that reduced the United Kingdom's contribution to the EU budget in effect since 1985. It was a complex calculation which equated to a reduction of approximately 66% of the UK's net contribution – the amount paid by the UK into the EU budget less receipts from the EU budget. Based on a net contribution of €11.7 (£9.6) billion in 2016, the UK Treasury estimated the 2017 rebate amounted to €6.6 (£5.6) billion reducing the ultimate UK contribution for the 2017 budget to €10.4 (£8.9) billion. Although the rebate was not set in the EU treaties, it was negotiated as part of the Multiannual Financial Framework (MFF) every seven years and had to be unanimously agreed.
Sun 7th
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