Without the UK’s budget contribution, the EU will need to redraft its €140bn annual budget, either as a smaller pot, or with bigger contributions from some or all of the remaining member states.

The exit of the UK might mean one voice less calling for the “abolition” of the budget’s biggest single cost centre – the CAP. But the shock caused by the exit of the UK from the EU could also in the longer run lead to a fundamental reappraisal by Member States of what they want the EU to do for its citizens, including agriculture’s share of the total.

The extent of the expenditure on the CAP was already under question, before Brexit ever became a concern.

Some see the need for the EU to free up resources to tackle major challenges facing the EU, such as border security, counter terrorism measures and a means to deal with the migration crisis.

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