Brussels, May 2 (Xinhua) -- The European Commission released its proposal on the EU budget for 2021-2027 on Tuesday, aiming to fill the budget gap left by the United Kingdom's "Brexit" by reducing spending in the agricultural sector and solidarity funds.

The EU's total budget for 2021-2027 is 1.135 trillion euros (1 euro is about 1.2 U.S. dollars), equivalent to 1.11 percent of the gross national income of the 27 EU member states except Britain, according to a communique issued by the European Commission on the same day.

In order to fill the budget gap left by the United Kingdom "Brexit", the European Commission proposed to reduce the two largest shares of the EU budget, namely agricultural spending and solidarity fund, by about 5% each. The commission also plans to raise revenue through measures such as taxing non-recyclable plastic packaging waste and including 20 percent of carbon emissions trading revenues into the EU budget.

Under the budget proposal, spending on the management of the EU's external borders, migrants and refugees would rise to 33 billion euros from the current 13 billion euros, and spending on research and innovation would also rise by about 50 percent.

The budget proposal still needs to be approved by the European Parliament and the Council of the European Union before it can take effect.

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