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Abstract


PLACEOF UNITED KINGDOM (UK) IN THE EU BUDGET

ABSTRACT One of the main arguments regarding the referendum which had been result with the decision of leaving the EU membership in 2016 is that financing the European Union (EU) budget is a great burden on the United Kingdom (UK) economy. This argument is not an idea which was only brought before or after the 2016 referendum, it had been expressed by certain environments since 1973 when UK became a member of the EU. Especially, there had been intense negotiations of UK political authorities with the related institutions of the EU about budget beginning from absolute membership. It is known that Margaret Thatcher who became Prime Minister of UK in 1979 made intense negotiations in budget discussions. In this context, developments between UK and the EU are analyzed in the paper on the axis of the budget through the analysis of the reports prepared by EU Commission. According to the results of the review, the UK’s position among other members as one of the four main contributors to the EU budget is a natural result of the EU budget income mechanism and the UK’s wider economic size compared to other members. The UK’s contribution to the budget had been decreased by creating a “UK correction mechanism” in 1984 financed via other members in the mechanism available as a result of UK negotiations. In the period of 1999-2018; the year which reflects the largest gap between UK contributions and expenditures transferred to the UK from the budget is 2015 and the amount is 13.9 billion Euros that is 0.55% of UK’s 2015 GDP value. The ongoing negotiations between UK and EU since 1984 appears to be the most important economic reason which causes Brexit result. It is certain that new structural process which will occur in the EU budget after Brexit will cause revenue decreases of some member countries acquired from the budget. On the other hand; there will be some financial advantages in terms of UK as a result of contributions transferred to the EU budget will remain in the economy.



Keywords
EU budget, United Kingdom, Brexit.



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