Proceedings: 1st International Conference on Food and Agricultural Economics: BUILDING BLOCKS OF BREXIT: COMMON AGRICULTURAL POLICY FUNDING

51,9% of the people of the United Kingdom, covering England, Scotland, Northern Ireland and Whales, voted to leave the European Union at the referendum that took place on June 23, 2016. The letter triggering article 50 of the Lisbon Treaty about withdrawal of the United Kingdom was signed by the Prime Minister Theresa May and addressed to Mr. Donald Tusk - the President of the European Council. Therefore, Brexit process -“a leap in the dark”- has officially started. Common Agricultural Policy of the European Union is one of the policy domain that has never been approved by the UK. Generous supports to the agricultural sector, which contributed to the GDP of the European Union at only 2%, have always been the major criticism posed by the United Kingdom. The aim of this paper is to analyze the Brexit process in terms of Common Agricultural Policy funding and to predict the prospective developments following withdrawal of the United Kingdom. To achieve this end, after providing a short explanation on the Common Agricultural Policy, financial system of the European Union is explained in brief and net contribution of the United Kingdom to the EU budget and its utilization degree of the funding instruments are dealt in greater detail, especially with reference to agricultural supports such as EAGF and EAFRD. Finally, predictions regarding post-Brexit agricultural policies and funds of both the European Union and the United Kingdom are provided.