[Ticker] EU wants more money to hedge against hard Brexit

The EU needed higher financial guarantees from states over the next seven years in order to hedge against the cost of a potential no-deal Brexit in 2021, Johannes Hahn, the EU' budget commissioner said Thursday. "Our proposal is to increase the [budget] ceiling ... if they [the UK] don't pay what they promised to pay [due to hard Brexit] , it is sound financial management on our side," he said.