EU & UK - Oct 24

The EU demands an extra $2.7 billion from the UK by December 1, following a change in the EU's accounting system to include underground economy. EU officials stated that as the recalculated data demonstrates that British economy performed better than expectations, the UK has to pay more into the EU budget. UK's David Cameron, in the midst of an electoral battle against the Populist Party, rejected the demand as 'totally unacceptable', calling it a punishment for UK's relative economic prosperity compared to its neighbors. If re-elected, Cameron promises to negotiate and hold a referendum in 2017 to decide whether the UK will remain in the EU. Among those also requested to pay surcharges include The Netherlands and Italy, while France and Germany will be entitled to rebates for worse-than-expected economic performance. Source: The New York Times, EuroNews, EU Observer, EU Observer