The Common Agricultural Policy (CAP) has been a cornerstone of the European Community since its formation. It was the earliest policy to be developed and has continued to be an influence on the business decisions taken by farmers. It remains the largest single component of the European Union (EU) budget at 39 per cent of the total. In the 2014–2020 financial framework period, €400 billion will be spent on the CAP. The EU considers that it has provided safe and secure food for European citizens at affordable prices with increasing attention being paid to its environmental impact. Given the size of the CAP budget and an anticipated net reduction of 8 per cent in EU revenues following Brexit, adjustments to the scope and form of the CAP will be a major agenda item for the EU.