The European Union's executive branch has proposed a budget to finance new priorities like defense and border control as well as compensating for Britain's departure from the bloc.

European Commission President Jean-Claude Juncker said Wednesday that the 2021-2027 budget will be "bigger than the preceding one, because it will determine the future of our Europe of 27" members.

The Commission unveiled a seven-year spending package worth 1.135 trillion euros ($1.36 trillion), which accounts for around 1.1 percent of the bloc's total output.

Agricultural funding and "cohesion funds" that help raise the infrastructure standards of poorer states are both to be cut by around 5 percent.

The Commission is also seeking powers to suspend or restrict funding to countries whose rule of law standards might pose financial risks.