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UK seeks emergency meeting on additional contribution to EU budget

FXStreet (Łódź) - The claim at today's summit in Brussels that the UK should contribute an additional 1.7 billion pounds to EU's coffers was met with UK PM David Cameron's "dismay". The British leader immediately demanded emergency talks with EU finance ministers on the matter.

The initial sum, which is required to be paid by December 1, stood at 8.6 billion pound.

In the opinion of Ryan Littlestone from ForexLive there shouldn't be any outrage over the issue, as the changes to the budget have been known before: "The budget system is complicated (as is everything in Europe) and basically we get a percentage amount back (rebate) of the difference between what we put in and what we get back. For example, say our new budget obligations to the EU are £5bn but we receive back £2bn in subsidies. After that we then get a percentage back on the difference of £."

"By the looks of things it’s just a recall of an overpayment of the rebate that’s changed due to the new EU GDP calculations."

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