Brexit to mean widespread EU spending cuts: budget commissioner

Guenther Oettinger, speaks during the welcome night at the world's biggest computer and software fair CeBit in Hanover, Germany, March 14, 2016. REUTERS/Nigel Treblin

VIENNA (Reuters) - The European Union will have to cut spending in nearly all areas to deal with the gap that net contributor Britain leaves after its departure, Budget Commissioner Guenther Oettinger said on Monday.

Britain's exit in March next year will deprive Brussels of some 12 billion euros from an annual budget running around 140 billion euros.

"Brexit will lead to a smaller budget. That is why we have to reduce spending moderately but notably at almost all our programs," Oettinger told a news conference in Vienna.

(Reporting by Kirsti Knolle; editing by John Stonestreet)

People also read these

World cardinals back pope after anonymous attacks...

Feb 14, 2017

US-POPE-CONSERVATIVES:World cardinals back pope after anonymous attacks by conservatives

Austria to sue Airbus over suspected Eurofighter...

Feb 16, 2017

US-AUSTRIA-AIRBUS-GROUP:Austria to sue Airbus over suspected Eurofighter fraud: APA news agency

Flawless Worley wins women's giant slalom gold

Feb 16, 2017

US-ALPINE-WORLD-WOMEN:Flawless Worley wins women's giant slalom gold

Quick-fire Bailey storms to individual biathlon...

Feb 16, 2017

US-BIATHLON-WORLD:Quick-fire Bailey storms to individual biathlon gold

Shipulin holds off Fourcade to give Russia...

Feb 18, 2017

US-BIATHLON-WORLD:Shipulin holds off Fourcade to give Russia biathlon relay title

Sign up now!