THE European Union should not try and plug the financial gap created by Brexit with funds from other member states, Sweden’s Prime Minister has said.

Stefan Löfven said on Monday the expenditure ceiling of one per cent GDP should remain once Britain exits the bloc, meaning the budget would be reduced by around 15 per cent.

This would reduced the burden of the hit to Europe’s finances to member states that net contribute to the block. The PM said: “We need a modern and efficient EU budget in the future.

“Where the money goes to the right things and where there are consequences for not taking responsibilities and following the EU’s decisions.”

Mr Löfven said when Britain leaves the EU, the bloc would lose one of its major contributors and it would have a large impact on future budgets.

Adding members contribution to the bloc should be assessed when discussion potential EU support, the PM said: “The negotiations will be very difficult.”

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