Overview

This bill, the European Communities (Finance) Act 2008, updates the definition of "the Treaties" and "the Community Treaties" within the European Communities Act 1972. The amendment specifically incorporates a 2007 Council decision concerning the European Union's system of own resources (how it funds itself).

Description

The primary purpose of the bill is to amend section 1(2) of the European Communities Act 1972. This section defines "the Treaties" and "the Community Treaties," which are crucial legal documents governing the European Union. The bill replaces an existing clause (paragraph (e)) with an updated version. This updated clause now includes the Council decision of 7th June 2007, regarding the EU's system of own resources. This decision outlines how the EU finances itself through various contributions from member states. The bill also repeals the European Communities (Finance) Act 2001, as it is superseded by this new legislation.

Government Spending

The bill itself does not directly allocate or change government spending. Its impact is indirect, related to the EU's own resource system which affects the UK's contribution to the EU budget. The exact financial implications for the UK government are not detailed in the provided text.

Groups Affected

The bill primarily affects the UK government, specifically the Treasury, due to its involvement in managing the UK's financial contributions to the EU budget. The impact on UK taxpayers may be indirect, potentially through changes to the UK’s net contribution to the EU, although the extent of this is not explicitly stated in the bill.

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