UK facing an extra £1.7bn contribution to EU budget!

October 24, 2014 11:56 am Published by

Today David Cameron insisted the UK will not be paying a GBP 1.7 bn (2.1bn Euros) bill demanded by the European Union by 1st December.

The surcharge follows an annual review of the economic performance of the EU since 1995, which shows that Britain has done better than previously thought.

The UK and the Netherlands are among those being asked to pay more, while France and Germany are both set to receive rebates of £801m and £614m.

This comes at a time of increased pressure on Mr Cameron over Europe, with the Rochester and Strood by-election next month likely to be centered around the issues of the UK’s relationship with the EU and immigrations policies.

EU officials have stated the sums are based on technical, not political influences, and decided following rules agreed by all member states.

The news will certainly add to tensions surrounding the UK and Europe and the increased possibility that UKIP is on course to win its second seat in parliament in Rochester and Strood next month.

Whilst we wait for a decision this could certainly have an impact on the strength of the Pound so if you have any future money transfers to make; we would advise to either place a Forward and lock in your exchange rate for the next 12 months or place a Stop Loss Order to trigger if the market falls to a certain level.

Fore more information or advice on transferring your money abroad, contact us any time via email or you can call us during UK office hours on +44(0) 203 603 8940.

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This post was written by Kayleigh Driscoll

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