May 13, 2020 / 11:46 AM / 14 days ago

EU parliament won't agree to next EU budget without new EU revenue -draft

BRUSSELS, May 13 (Reuters) - The European Parliament will not give a green light to the European Union’s next long-term budget unless EU governments agree to give the 7-year spending plan new dedicated sources of revenue from taxes, a draft resolution showed on Wednesday.

The consent of the parliament is necessary for the 27-nation bloc to have the long-term budget, which is to start in 2021 and equals around 1% of EU output, or 140 billion euros a year.

The budget EU finances policies to equalise living standards across the bloc, the EU’s agriculture policy, investment in research, development and education, the transformation to sustainable energy production and consumption as well as the projection of the bloc’s soft power around the globe through various development and aid programmes.

EU lawmakers will vote on the resolution on Friday after a debate with the chairman of EU leaders and the head of the European Commission later on Wednesday. (Reporting by Francesco Guarascio, writing by Jan Strupczewski)

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