UK rebate

The UK rebate is a rebate on the UK's contribution to the EU budget paid back to the UK government by the European Union.

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The rebate was negotiated by UK Prime Minister Margaret Thatcher in 1984. The main reason why a rebate was demanded was that a high proportion of the EU budget is spent on the Common Agricultural Policy (or CAP), which the UK benefits relatively little from due to a farming sector which is small (as a proportion of GDP) and efficient (with more large farms relative to other countries). One of the main reasons why the rebate was sanctioned was because at the time the UK was the third poorest member of the European Economic Community (now the European Union). The rebate is calculated as approximately 2/3 of the amount by which UK payments into the EU exceed EU expenditure returning to the UK. Currently the rebate is worth ?3bn (GBP) a year and the UK remains the second largest net contributor after Germany.

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