Politics & Foreign Relations

   Economic News

   Business News

   Other News of Interest

   All stories

18th July, 2018

EU subsidies to be cut by a quarter

The European Commission’s present plans envisage €17.9 billion worth of cohesion subsidies for Hungary in the 2021-27 budget period, 25% less than in the 2014-20 period, a senior EC official said yesterday in Budapest.

Marc Lemaitre, head of the European Commission directorate general for regional and urban policy, made the comment during a background talk for members of the German-Hungarian Chamber of Industry and Trade.

He stressed that there is still an ongoing debate about the final numbers,

Previous budget considerations cannot be maintained, Lemaitre said, as one of the biggest net contributors, the United Kingdom, will leave the EU, and substantive changes have occurred in recent years in the levels of development of individual member states.

While several East and Central European states have made significant progress forward, southern states continue to face a number of economic problems, he said.

Sources regularly consulted, with abbreviations used in text: Népszabadság (N); Magyar Hírlap (MH); Világgazdaság (VG); Napi Gazdaság (NG); Magyar Nemzet (MN); Népszava (Nsz); Kossuth Rádió news (KR); nightly TV news (TV).

Contact Free Trial Subscription