The UK's self-sufficiency in fossil fuels shields public finances from the negative effects of higher oil prices on general economic activity. Changes in the international price of oil affect government revenues from the corporate and household sectors. Taxes on oil production are estimated to...

Member States receive funds for agriculture, structural development (e.g. infrastructure works) and internal policies (e.g. training, research, environmental protection), but in exchange have to make a contribution to the EU budget. Given the overall low level of income per head as compared to...