Brexit Adjustment Reserve, 5 billion European funds

Brexit Adjustment Reserve, 5 billion European funds

The Brexit transition period ended on December 30, 2020. To mitigate the negative effects, $ 5 billion has been allocated to support European states, individuals and businesses.

Until January 1, 2021, the United Kingdom is outside the European Union. Although Brexit has completed its process, in reality the problems after Brexit are only just beginning.

End of Free movement Goods, services, people and capital between the UK and the EU have caused many major inconveniences. After all, the problem of travel Stay tuned Before Brexit, those who had already lived in the United Kingdom or an EU country respectively. Furthermore, among the many issues that we have partially tried to thank for the transition period, we cannot forget about the trade between the European Union and the United Kingdom.

All this inevitably led to the search for a possible solution to mitigate the socio-economic implications of the phenomenon.

Already Commissioner and Reforms Commissioner, Elisa Ferreira“The end of the transition period, 31 December 2020, will have a major economic and social impact on the UK’s economy and trade – related regions and local communities,” he said. By proposing the Brexit Adjustment Reserve, the Commission provides solidarity and consensus as key elements of its response, ensuring that those most affected receive the support they need.

So, in July 2020, EU leaders decided to create a fund of five billion euros, he said Brexit Adjustment Reserve. In addition, on December 25, 2020, the Commission The proposal for the Brexit Adjustment Reserve was introduced as a separate tool that goes beyond the budget ceiling for the 2021-2027 Multianval Financial Framework (MFF).

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With this fund (priced at 2018) the money will be disbursed until 2025, and we will try to help all the countries in the Union, even though Brexit is the most affected and the most supported region. . Taking a hint from the June 17, 2021 press release, we understand that EU lawmakers have reached a political agreement Brexit Adjustment Reserve (Bar), It provides for distribution in some Transhe. The first, a pre-financing of about 1. 1.6 billion, will be available by December 2021 itself. Then there will be two more Transhe തുടക്ക 1.2 billion in pre-financing is expected to be disbursed in early 2022 and early 2023. Finally, there is a billion pounds left to pay in 2025.

As you can see in the picture below, Ireland is the largest recipient of funding. Followed by Holland, France, Germany and Belgium. Italy is ninth, with an expected 134 million, while Slovenia is last with, 4,805,267.

In more detail, it is important to underline that the amounts for each country are defined based on certain criteria that are very precise and specific. In particular, three factors must be considered:

– The importance of fishing in the UK’s Exclusive Economic Zone (EEZ);
– Importance of trade with the UK;
– Population living in maritime areas bordering the UK.

Once the criteria are defined, BAR measures are intended to finance only the costs incurred by member states to offset the impact of the UK exit from the European Union. These costs include:

-Support for small and medium enterprises, local communities and self-employed workers;
– Measures that can ensure border, health, customs, security and phytosanitary regulations;
– Measures to support employment through training in certain areas, training process and programs to reduce working hours;
– Regulation of products, i.e. governments concerned with their certification and approval.

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Also, in terms of what it is Fishing Banking sector, further explanation is useful. For fisheries, national governments have the power to establish areas where funds are available. It is important to remember that countries that rely heavily on the so-called EZ in the UK will have to devote a small portion of their national coverage to small-scale marine fisheries and local and regional communities that depend on this activity.

Finally, regarding Economic sector Banking can say that they are not included in the support level and the motivation is very simple: they seem to benefit from Brexit, which is why they were excluded.

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