The government will seek to ratify the system for financing the annual European Community budget by introducing the European Communities (Finance) Bill.

Member states are required to adopt the new arrangements agreed in September 2000 in accordance with their respective constitutions. The bill will enable the UK to adopt the new EC Own Resources Decision, which implements the main decisions of the 1999 Berlin European Council on the future financing of the European Community.

The bill will bring Britain's proportionate contribution to Europe's finances down to the level of France and Italy's.

The government believes this will pave the way for a new wave of member states and the enlargement of the EU.

House of Commons

First reading: June 21 2001 ((HC Bill 1))

Second reading: July 4 2001

Committee of the whole House

• 1st day: July 19 2001
• The bill was not amended in committee

Remaining stages: October 18 2001

House of Lords

First reading (money bill): October 18 2001 (HL Bill 15)

Second reading: November 12 2001

Committee (discharged) third reading: November 13 2001

Royal Assent: December 4 2001