My hon. Friend is absolutely right. It is noticeable that our contributions are lower than they were in the last year of the previous multi-annual financial framework, not least because of the achievement of the
Prime Minister in February 2013. Of course, we continue to suffer the unfortunate effects of the previous negotiation, when part of our rebate was lost, amounting to £2 billion a year. None the less, we have made considerable progress thanks to the steps that were taken in 2013.
For the period from 2014 to 2020, the ORD reintroduces reductions in the GNI-based contributions of the Netherlands and Sweden, and introduces a reduction in those contributions for Denmark. The UK will contribute to those small corrections, but that will largely be offset by changes to other corrections.
Lastly, the ORD lays down the own resources ceilings at 1.23% of total member states’ GNI for payments and 1.29% for commitments, and sets out the method for calculating subsequent changes to those ceilings following the introduction of the European systems of accounts 2010 by all member states.
The Bill will give UK approval to the new ORD and is the last UK action that is necessary to deliver the 2013 deal on the budget.