European Union Member States such as Sweden are revolting against Brussels’ plan to protect itself from the economic impact of a no-deal Brexit crisis at this weekend’s summit.
The European Union has demanded that member states must fund a €5 billion Brexit reserve fund to protect countries most at risk of economic turmoil after the UK leaves the bloc.
However, according to RTE Sweden has voiced fierce opposition to the plans at the European Union summit in Brussels this weekend.
Europe Editor Tony Connelly said that EU member-states are furious at the additional funding demand because “Brexit has nothing to do with the pandemic”.
He said: “In order to placate countries like Ireland, Charles Michel introduced this idea of a Brexit reserve fund.
“The idea was if Europe was going to refit its economy for a post-pandemic world, you have to take into asymmetric shocks like Brexit that will affect how economies will emerge from the pandemic.
“There is a figure of 5bn in there. But, I understand that not everyone is happy with this idea.
“The Swedes, in particular, have been muttering about why Brexit should be part of this recovery fund.”
He continued: “In their view, Brexit has nothing to do with the impact of pandemic but it is on the table and it’s for the European Commission to work out how to allocate the Brexit money around the EU.
“Would it be allocated by the fall in trade flows from the UK or a drop in GDP?”
European Council President Charles Michel announced the Brexit reserve fund proposal in June.
At the time, Mr Michel said: “Brexit is challenging for all of us and that is why we propose a Brexit reserve of five billion euros
“Brexit with or without an agreement on future ties will have consequences in Europe for the member states and that’s why I think it’s necessary to ask the commission to prepare for a needs assessment by November 2021.”
The United Kingdom is set to leave the EU’s single market and customs union on December 31 after Prime Minister Boris Johnson rejected the chance to extend the post-Brexit transition period.
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Editor-in-Chief | Carl D. Pearson has been involved in British politics and media from an early age, with the key knowledge of what it takes to run a news organisation for the 21st century. Mr Pearson, as Editor-in-chief, is responsible for supervising the daily tasks of publishing media and content to UNN’s website and various platforms.
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