BRUSSELS, Nov. 24 (UPI) -- Prime Minister David Cameron said he protected Britain's European Union budget rebate from proposed cuts but predicted efforts to cut the rebate will persist.
"I have successfully defended the rebate, but I will have to go on doing so in future discussions," Cameron said after EU budget talks broke down this week in Brussels, Belgium.
Britain's rebate was put into place during former Prime Minister Margaret Thatcher's era, due to high payments Britain makes to support French farmers in the EU's subsidy system.
Taking away the rebate would cost Britain about $4.8 billion between 2014 and 2020, The Daily Telegraph reported Saturday.
Hollande told reports this week Britain, "through its rebate, has contributions below those of France. He (Cameron) put forward protection of his rebate and his refusal to contribute further."
|Additional Business News Stories|
JUBA, South Sudan, May 23 (UPI) --South Sudan's Foreign Ministry said the Sudanese government was creating problems for the south's oil export potential.
WELLINGTON, New Zealand, May 23 (UPI) --New Zealand will boost its defense spending from $318 million last year to $583 million in fiscal 2013 thanks to a payback from austerity measures.