We warned last week that it was on its way. And now it is here (see page 9). The finance ministers of the EU member states, including Mr George Osborne, have agreed to provide an additional €7.3 billion for the 2013 budget, as the first tranche of an overall figure that will eventually reach €11.2 billion.
The "amending budget no.2" will add about £800 million to Britain's EU bill, with potentially another £400 million to find when the complete deal is reached. That will come with the second tranche, expected to be agreed after the summer break, bringing the additional British liability to £1.2 billion.
The sum so far agreed represents rise of 5.5 percent on the original budget of €133 billion agreed for this year, itself and increase on the previous year's budget (2012) of €129.1. With the budget now standing at €140.3 billion, that represents an 8.7 percent year-on-year increase, kicking into touch any idea of EU budgetary restraint.
