---

Future EU Finances and Own Resources

The hon. Gentleman always has the merit of consistency of course, and I hope that I do, too. We oppose the budget, we think that it was a bad deal for Britain and we will be opposing it. The cost to consumers will be enormous. The Prime Minister told this House in July that he wanted to get rid of the CAP, but in fact it will increase from 40 per cent. of the EU budget now, to 44 per cent. under the new arrangements. The Chancellor of the Exchequer said last September:"““If we are to make poverty history, let us seek to make the excesses of the CAP history””." Far from ending the excesses of the CAP, the Prime Minister agreed to a deal that increased its costs considerably. Billions more euros will be spent on protecting and sheltering inefficient and counter-productive agricultural subsidies.