As the European Union
proposes its first major budget post-Brexit, the following infographic shows the state of the current one
. It represents approximately one percent of the EU-28's total gross national income. The European Commission has said that the €1 trillion budget from 2014 to 2020 is equivalent to each of the EU's 440 million citizens buying one cup of coffee a day.
Broken down, 39 percent of the current seven year budget is allocated for sustainable growth and natural resources. That includes agriculture
, rural development, fisheries and the environment. 34 percent is set aside for economic, social and territorial cohesion. That takes into account research and innovation, IT technology, small and medium sized enterprise, transport, employment and climate change among other factors.
The EU's budget is unique and quite different to national budgets. While national budgets generally go towards providing public services and funding social security systems, the EU's budget is primarily geared towards investment. It is created with long-term planning and stability in mind which is a prerequisite for investment planning.