MEPs don’t have to meekly accept an EU budget deal, but will they go to war over €141bn in cuts?
In this news:
Key takeaways
- Ireland proposed an 8 percent cut worth €141bn to the EU spending plan.
- MEPs are pushing back against the lack of ambition on new revenue sources.
- Proposed new taxes include a levy on crypto-asset capital gains.
Getting co-decision powers on the budget, finally enshrined in the Lisbon Treaty after more than a decade of inter-institutional battles, was one of the European Parliament’s big wins.
The challenge facing MEPs in the coming months is whether they are really going to use those powers on the 2028-34 budget.
The early signs are that they are spoiling for a fight. The Irish government’s compromise proposal tabled on Saturday (10 October) – an 8 percent cut worth €141bn to the European Commission’s spending plan – isn’t exactly butchery.
But it does display a startling lack of ambition, in particular on the raft of ‘own resources’ proposed by MEPs to make the budget process less vulnerable to member states wanting to reduce or at least freeze their annual contributions
This time round, MEPs have proposed a digital services levy, an online gambling levy, and a levy on crypto-asset capital gains.
Put together the parliament reckons that these new taxes could bring an additional €30bn to the EU’s budget, on top of the €57.4bn that the EU commission believes can be raised from other levies, such as the emissions trading scheme and the carbon border levy.
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