EU unveils budget plans
Thursday, 21 April 2011
Individuals in finance jobs on the continent may be interested to hear the details of a draft budget for 2012 that has been produced by the European Commission (EC).
The proposals call for a 4.9 per cent increase on 2011's financial plan for the institution, with a view to providing support for the economies of the Union's member states.
Budget and financial programming commissioner Janusz Lewandowski called it "a delicate balancing act combining austerity and growth boosting measures for 500 million Europeans".
Just six per cent of the organisation's budget will be spent on running its institutions, the EC claimed, leaving the rest free to be dispersed among its member countries, with half of it aimed at boosting employment and assisting growth.
However, the Financial Times reported that the proposals have angered nations such as the UK, who have accused the EU of ignoring austerity measures.
It quoted a spokesman for prime minister David Cameron as saying the plans were "not acceptable".
