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Plastics tax, carbon-trading cash to cover EU's Brexit gap, officials say

Plastics tax, carbon-trading cash to cover EU's Brexit gap, officials say

15.2.2020

Plastics tax, carbon-trading cash to cover EU 's Brexit gap, officials say

The chairman of the Eu ropean Union's leaders proposed on Friday filling the...

Jan Strupczewski 4 Min Read BRUSSELS (Reuters) - The chairman of the European Union’s leaders proposed on Friday filling the hole left by Britain in the bloc’s next long-term budget with revenue from a new tax on plastics and funds from trading carbon emissions. European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium, May 2, 2018. REUTERS/Francois Lenoir Presenting a so-called ‘negotiating box’ which will form the basis of intense horse-trading between 27 EU national leaders at a summit on Feb. 20, Charles Michel proposed a budget for 2021-27 of 1.074% of the EU’s gross national income, or 1.095 trillion euros (£910.48 billion), of which a quarter is to go towards making the EU neutral in terms of CO2 emissions by 2050. The departure of Britain from the bloc on Jan. 31 left a gap of more than 10 billion euros a year in the EU’s funding, since it was a leading contributor to the budget after Germany. But EU officials said revenue from the plastics tax and money from the augmented carbon trading scheme, which would also incorporate the transport sector, could generate 14 billion to 15 billion euros a year — more than enough to fill the gap. The tax on plastics would be 0.8 euro per kilogram of non-recycled plastic packaging waste. The carbon money would come from revenue generated by the EU Emissions Trading System (ETS) exceeding the average annual revenue per country generated by allowances auctioned over the period 2016-18. The EU is also considering other taxes — on the digital economy, flying, financial transactions and on products made with high CO2 emissions imported into the EU — as further sources of revenue. But the overall budget number is still too high for a group of the biggest net contributors led by Germany, the Netherlands, Austria, Sweden and Denmark. These richer countries don’t want an amount higher than 1.0% and criticized the 1.07% figure when it was presented by the Finnish EU presidency last year. “It’s difficult to see how this proposal will form a basis for compromise,” one EU diplomat from the net contributor countries said of Michel’s proposal. “The ceiling is too high, the modernisation too little. There remains a need for permanent corrections to ensure fair burden sharing,” the diplomat said. But senior EU officials involved in the preparation of the summit said 1.074% of GNI was the mid-point of positions of the 27 governments that Michel consulted over the last two weeks and offered the best starting point for a compromise. To ease worries of net payers who get rebates on contributions, something net beneficiaries want scrapped, Michel proposed lump-sum corrections for Denmark, Germany, the Netherlands, Austria and Sweden. Michel said EU funding should be conditional on governments respecting the rule of law - a point many of the net payers insisted on to keep pressure on Poland and Hungary that stand accused of violating democratic checks and balances. His proposal keeps funds for equalising living conditions across the 27 EU countries at 35% of the total, the same as the 2014-2020 budget. But it cuts support for farmers, an item often criticised as preserving an outdated economic model, to 30% from 36%, and raises spending for the single market, innovation and the digital economy to 13.7% from 11.2% in the previous 7 years. There is also an increase in spending on defence and on exerting the EU’s influence in the world. EU administration funds will rise. Reporting by Jan Strupczewski; additional reporting by Gabriela Baczynska; editing by Edmund Blair and Toby Chopra Our Standards: Read more: Reuters Top News

Plastic tax is good news! hmmmmm. and carbon trading cash was supposed to be net neutral........ More tax!!! I'm sure the people in France will be elated with this news. Weel they certainly found the gap to make sure they stl get paid!

Google criticizes EU over 'eye-catching' $2.6 billion antitrust fineGoogle on Friday called on Eu rope's second-top court to throw out what it c... cry is free i agree it should be higher 10x that and it will be fair

EU chief testifies at German defence inquiry, admits mistakes Eu ropean Commission President von der Leyen concedes mistakes were made during her time as German defence minister as she testifies before a parliamentary inquiry

UK finance industry calls for new forum to police EU accessBritain's financial sector wants a new forum to oversee how the UK and Eu ro...

Google's fight against EU antitrust fine comes up against critical judgeGoogle's battle against a $2.6 billion EU antitrust fine was dealt an appar... They expected a sympathetic judge? Maybe Trump will call for a Republican judge like in Senate🤪

Mad cow fright keeps EU cautious on food rulesThe specter of the 1990s BSE crisis means the Eu ropean Union is likely to reject... Yo aNYDeadHd Isn’t that an old Joe 😍Cocker tune? 🎶Mad Cows and Englishman🎶 Mad humans BSE is this more AntiUS? FACTS:- N America have had a handful of BSE cases. All IMPORTED CATTLE US Beef Info on Drugs (Antibiotics Hornomes)/Zoonotics EASY ACCESS EU=NOT FOUND Rates of Zoonotic Food Illness ⬆️in -US & ⬇️EU But ? US data More Robust found easily CDC EU NOT

EU seeks better coordination to tackle coronavirus EU statement urges the dissemination of up-to-date information on the virus in order to the counter the 'misinformation and disinformation' which can lead to discrimination.



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