July 10, 2020 / 9:53 AM / a month ago

EU's Michel proposes 5 billion euros Brexit "adjustment fund"

July 10 (Reuters) - European Council President Charles Michel said on Friday that EU talks with Britain were not easy and countries, regions and industries will face disruptions from 2021 whether there is a new relationship deal or not.

Laying out his compromise proposal on for a multi-billion-euro economic stimulus plan for the EU to recover from the coronavirus pandemic, Michel said a new Brexit “adjustment reserve” of 5 billion euros was needed.

Michel said the EU’s executive European Commission should analyse by February, 2021, the first consequences of the new relationship between Britain and the bloc, and the money could then be used to support those most affected in Europe. (Reporting by Gabriela Baczynska; Editing by Alex Richardson)

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