|Author (Corporate)||Council of the European Union, European Parliament|
|Series Title||Official Journal of the European Union|
|Series Details||L 357, Pages 1-26|
|Content Type||Legislation, News, Policy-making|
Regulation (EU) 2021/1755 - adopted by the European Union on 6 October 2021 - setting out the establishment of a Brexit Adjustment Reserve.
The Brexit Adjustment Reserve aims to support the countering of economic and social consequences of the United Kingdom's withdrawal from the European Union (EU) in February 2020. This Reserve is to support businesses and employment in affected sectors following the end of the transition period as agreed by the Withdrawal Agreement signed between the two sides. This Reserve has an overall budget of €5 billion and its creation was politically agreed by the European Council in July 2020.
This proposal was put forward by the Commission on 25 December 2020. The Council of the European Union adopted its general approach on 29 April 2021. The European Parliament's relevant committee adopted a negotiating position on 25 May. An informal agreement between the co-legislators on a compromise text for this file was reached on 17 June. This was formally endorsed by the Parliament on 15 September, followed by the Council on 28 September. The Act was signed by the co-legislators on 6 October 2021 and published in the Official Journal on 8 October 2021.
|Subject Categories||Economic and Financial Affairs, Internal Markets|
|Subject Tags||Brexit, Regional Dimension|
|International Organisations||European Union [EU]|