In fact European Union is faced twenty billon Euro hole in its annual budget because of Britain’s withdrawal and rising costs in issues which includes defense. Actually EU budget commissioner Gunther Oettinger of Germany is created online platform which is called on the bloc that improves the efficiency of its spending at the wake of Brexit. According to the Gunther Oettinger said that need to finance in the new initiatives in specific areas like security and defense. In fact Britain withdrawal from EU might leave 27 remaining countries along with the €20bn a year hole at their budget. At the same time it required the additional EU taxes for filling the gap. As everyone knows Gunther Oettinger is the European commissioner for budget and he wrote the separate in the blog for proposals.

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The German commissioner said that EU might save money after the Britain leaves by eliminating all kinds of rebates. Actually he says it might take it with some further measures and this kind of the commission proposal is recommend to particular countries like EU countries so that you can save money by cooperating in key areas. Actually European Commission believes that Brexit might leave the EU along with the budget black hole of 20 billion. In Wednesday, European commission launch of reflection paper on future of EU finances. Actually he said that they might not have United Kingdom with them but they are the net payers. One of the studies says that UK presently pays around 10 billion Euros per year which is roughly 16% of the EU budget. In the year of 1984, Prime Minister Margaret Thatcher is secured the rebate to UK worth around three billion Euros annually. In fact EU annual budget is account around 1% of GDP bloc collection and 2% of the overall public spending and it might be collected via custom duties, sales tax and budgetary transfer.