A 2013 parliamentary report found that the EU was massively underestimating its fraud against the taxpayer in a damning revelation
for Brussels. The House of Lords European Union
Select Committee found that around £4billion a year had gone missing from the budget, 12 times the £348million a year calculated by the European Commission at the time. It emerged that there were a number of
ways money had been sapped out of the bloc’s budget, wth fraud ranging
from cigarette smuggling to bribery and corruption.