Overview

This bill approves a 2014 European Council decision on the EU's funding system and updates UK law to reflect this decision. It ensures the UK's continued participation in the EU's financial framework.

Description

This bill serves two key purposes:

• Approval of the 2014 Council Decision: The bill formally approves the Council decision of 26 May 2014 (2014/335/EU, Euratom) on the EU's system of own resources. This decision outlines how the EU raises its own funds. This approval is necessary under section 7(1) of the European Union Act 2011.
• Amendment to the European Communities Act 1972: The bill amends the definition of "the Treaties" and "the EU Treaties" within the European Communities Act 1972. This amendment adds the 26 May 2014 Council decision to the list of decisions forming part of the EU's legal framework. This ensures that the UK's legal framework aligns with the EU's financial mechanisms.
• Repeal of Previous Act: The European Communities (Finance) Act 2008 is repealed as it is superseded by this new Act.

Government Spending

The bill itself does not directly impact government spending. It concerns the EU's own resource system and how the UK contributes to that system. The specific financial implications for the UK will be determined by the EU's overall budget and the UK's contributions to it.

Groups Affected

The bill primarily affects:

• The UK Government: Responsible for approving the EU decision and updating domestic legislation.
• UK Taxpayers: Indirectly affected as the bill relates to the UK's contribution to the EU budget.
• EU Institutions: The bill's passage strengthens the legal basis for the EU's funding system.

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