The European Union will soon present its first formal plans for a larger, one-trillion-euro-plus long-term budget after Britain’s departure. The 2021-2027 budget is expected to receive mixed responses.

EU Budget Commissioner Guenther Oettinger will present the plans in Brussels on May 2. He says that tough steps are needed to fill a €12-14bn hole left by Brexit.

As reported by the Agence France-Presse (AFP), farm funds will be slashed and development cash will be tied to respect for democracy, and demands for greater national contributions.

A race against time will follow, especially as the European Commission, the EU’s executive arm, wants the budget agreed before the next European Parliament elections in May 2019, two months after Britain leaves.

According to AFP, while some EU member states like Austria and the Netherlands are already gearing up to fight any demand for increased national contributions, France and Germany have said they are ready to pay more.

For instance, the EU’s infamous Common Agricultural Policy is first in the crosshairs, accounting for 37% of the bloc’s spending. That will be difficult to swallow for France, whose farmers are the biggest beneficiaries of CAP funds.