The European Union has agreed the budget for 2020. With a focus on growth, climate action and competitiveness, funds for the year have been set at €168.7 billion, with €1.5 billion having been kept aside from the 2014-2020 budget in case of unforseeable demands. Our members will be interested to know that the budget for research and innovation has increased.
The budget sees an 8.8% increase in the allocation of funds to Horizon 2020, this is partly because of the EU's goal to increase climate protection funds by 20%. This increase means that the budget for research and innovation through the Horizon 2020 funding programme is €13.5 billion for the coming year. As well as Horizon 2020, the budget's climate focus sees additional funds assigned to transport and energy infrastructure. Erasmus+ will also receive a 3.6% increase in funds, with €2.9 billion having been comitted to support youth exchanges.
The council is expected to endorse the budget on 25 November and it will then be the subject of a vote in the parliment on 27 November.