A PYMNTS Company

EU: UK Treasury says competition fines enough for EC budget

 |  May 29, 2014

The European Commission is reportedly requesting EU member states to increase their 2014 contributions by nearly $3 billion, but the UK Treasury has reportedly spoken out against the proposal in favor of the Commission using its competition fines cover costs.

According to reports, the Commission said member states had already agreed to offer extra support, and that the UK was among one of those members. The Commission is looking to fund support for Ukraine as well as “youth employment initiatives,” a spokesperson said.

But the UK Treasury reportedly argued that existing funds from fines amassed from competition-related sanctions should be used for the funding. With that extra funding, the Treasury said, the Commission should offer rebates or future payment discounts for member states instead.

Full content: BBC

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.