Following Brexit, the EU’s annual budget will see a 15% drop starting 2020, said European Commissioner for Regional Policy Corina Cretu, according to Reuters.

The EU leaders will talk about the result of the British referendum at a summit that takes place in Brussels today.

Great Britain is a net contributor to the EU budget. A big part of its contributions are used to support farmers and poor regions in the EU, said the EU Commissioner.

“The regional policy is the closest to people. It is also the most visible, because it shows how the EU funds change people’s lives. After Brexit, the European Union has been engaged in talks for reallocation of funds to other priorities than regional policy,” said Cretu.

The EU will revise its multiannual financial framework by the end of this year, the EU Commissioner added.

editor@romania-insider.com