EU asks UK to pay extra £1.7bn after 'increase in wealth'

clock

The UK must contribute an extra £1.7bn (€2.1bn) to the European Union's budget after the economy performed better than expected.

The EU is asking for the payment after a revised calculation of how much each member state must contribute, based on gross national incomes, the BBC reports. The payment adds a fifth to the UK's annual net contribution of £8.6bn. It is based on a review of the UK's economic performance since 1995, and the pace of growth over the last four years. A European Commission spokesman described the payment as a result of the UK's "increase in wealth" and likened it to a tax payment.  But the additional payment comes at a time when the government is under pressure from eurosceptics. Earlier...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

UK inflation falls to 3% to give BoE 'green light' for rate cut

UK inflation falls to 3% to give BoE 'green light' for rate cut

In line with expectations

Michael Nelson
clock 18 February 2026 • 2 min read
Interest rate cuts expected after UK GDP edges up 0.1%

Interest rate cuts expected after UK GDP edges up 0.1%

Construction output lowest since 2021

Patrick Brusnahan
clock 12 February 2026 • 2 min read
Leaked Budget document viewed almost 25,000 times ahead of speech

Leaked Budget document viewed almost 25,000 times ahead of speech

Office for Budget Responsibility chair Richard Hughes quit as a result

Jenna Brown
clock 11 February 2026 • 2 min read