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EU's Juncker says next EU budget has to be bigger despite Brexit

Reuters  |  BRUSSELS 

(Reuters) - The European Union's next long-term has to be larger than the current 1 percent of (gross domestic product), despite the loss of major net contributor Britain, the of the said on Monday.

Speaking at a conference on the next seven-year of the EU, which starts in 2021, Jean-Claude said it would have to finance joint policies in the areas of defence, security, migration, climate change, cohesion and agriculture.

"will be leaving us..., so we need to find ... a means to reacting to the loss of a several billion euros, when a significant contributor goes," said.

The EU's Commissioner said the gap from Brexit would be 12-13 billion euros ($14.4-15.6 billion) per year.

said that while some policies could be reviewed and modernised, governments needed to commit more money to the to finance new areas of joint interest.

"All that cannot be funded from just 1 pct of Europe's wealth," said.

($1 = 0.8360 euros)

(Reporting By Jan Strupczewski; editing by Philip Blenkinsop)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, January 08 2018. 21:12 IST