The Bill would amend the European Communities Act 1972 to include the revised decision on the Communities' system of own resources (Own Resources Decision (ORD)), and repeal the European Communities (Finance) Act 2001 (c 22).
The ORD details the system by which Member States finance the annual EC Budget;
Its inclusion in UK law enables the UK to make payments direct from the Consolidated Fund;
A new ORD was agreed in December 2005 - with the UK securing continuation of its abatement;
The Bill would provide for the new ORD to have effect in UK law (Cf. House of Commons Research Paper 01/62).