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Commercial Property News
EU sets annual ?10 million aside for business property lease
The European Union (EU) will add an extra €10 million (£8.8 million) onto its annual budget as it invests in a new business property as part of its headquarters.
Rent on the commercial property will provide a new space for the EU's European External Action Service, which consists of nearly 7,000 civil servants and is headed by high representative Baroness Ashton.
However, the plans have come under scrutiny from the UK government, which has said that the EU's spending on office investment property is not in line with the cuts which need to be made to stabilise the economy.
A spokesperson for the government told the Daily Telegraph: "The government remains concerned that the commission's proposal for an increase in the 2011 EU budget is out of step with the situation across the EU's member states."
The EU currently uses one per cent of the total wealth of Europe in order to reduce income and social disparities, promoting mobility through open borders and improving freedom, security and justice in its member states.
Posted by Suzannah Taylor
Rent on the commercial property will provide a new space for the EU's European External Action Service, which consists of nearly 7,000 civil servants and is headed by high representative Baroness Ashton.
However, the plans have come under scrutiny from the UK government, which has said that the EU's spending on office investment property is not in line with the cuts which need to be made to stabilise the economy.
A spokesperson for the government told the Daily Telegraph: "The government remains concerned that the commission's proposal for an increase in the 2011 EU budget is out of step with the situation across the EU's member states."
The EU currently uses one per cent of the total wealth of Europe in order to reduce income and social disparities, promoting mobility through open borders and improving freedom, security and justice in its member states.
Posted by Suzannah Taylor
Thu, 26th Aug 2010