The European Commission yesterday proposed an EU budget of €168.3 billion for 2020 aimed at supporting a more competitive European economy and prioritises jobs, growth, youth, climate change, security and solidarity.

The budget is the seventh and last one under the current 2014-2020 multi-annual financial framework. The proposal is based on the assumption that the UK will participate fully in the implementation and financing of the 2020 EU budget as if it were a member state. The UK is currently scheduled to leave the EU on 31 October 2019.

The budget comprises more than €83 billion in commitments that will boost economic growth, European regions and will support young people. This investment includes €117 million for the Youth Employment Initiative (YEI) to support young people living in regions where youth unemployment is high (bringing the total funding for YEI between 2014 and 2020 to €4.5 billion). There will also be €2.8 billion for education under Erasmus (European Community Action Scheme for the Mobility of University Students).

Of the €83 billion in commitments, €13.2 billion will be for research and innovation across Europe under Horizon 2020, the biggest and final tranche of the EU research and innovation programme (+6.4% compared to 2019), including the final pilot phase of the European Innovation Council to support top-class innovators, small companies and scientists with the potential to scale up rapidly in Europe and globally.

Among the other priorities include climate change as 21% of the overall proposed budget for 2020 will go to tackle climate change.

For the full budget 2020, click here.