european-commission-buildingThe European Commission is expected to unveil its seven year budget plan today. According to reports on the Financial Times, Brussels is seeking to increase the seven-year EU budget to approximately €1.25 trillion, in a bid to preserve the union’s post-Brexit spending power and boost funding for dealing with migration, defence and innovation.

The figures are a significant increase on the EU’s existing commitments cap of around 1 per cent. But the proposal is at the lower end of the range considered by officials planning the budget for the union’s 27 remaining member states.

The Financial Times reports that the precise details are still under debate and might change after a Commission meeting on Wednesday. A Commission spokesman said on Tuesday evening that “a decision has not yet been taken”.