And Robert Oulds, director of the pro-Brexit Bruges Group think tank, claims the shocking news proved the EU is a “racket” intent on “shaking down” taxpayers. The Luxembourg court was established in 1975 in order to improve EU financial management.

       Most of the cases audited were, according to the Court, errors in the procurement process.

       However, six cases of fraud have been reported to the European Anti-Fraud Office (Olaf).

       In the previous year, nine cases were forwarded to Olaf.

       Mr Oulds suggested the figure were just the tip of the iceberg.

       He told Express.co.uk: “Who are they kidding?

       “We know that the EU is riddled with fraud.

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       “It’s a racket that shakes down taxpayers and redistributes their hard-earned money and gives it to those with their noses in the trough.”

       Mr Oulds claims: “Corrupt EU cronies were extorting billions from Britain and using it to feather their own nests.

       “Thankfully we are now out and we can spend our own money at home.”

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       The report also reveals challenges looming for the €1.8 billion budget and corona development package for the years 2021 to 2027.

       In the next seven years, the EU is scheduled to spend considerably more than in previous periods, claims Klaus-Heiner Lehne, the ECA’s President.

       He added: "This decision marks a major shift in EU finances."

       Effective reviews of how money is being spent and whether the planned results are being achieved were therefore necessary, Mr Lehne stressed.

       The Court of Auditors has consequently requested additional funds to undertake its next audit.

       As an independent supervisory body, the Court of Auditors is tasked with the job of assessing whether the payment of EU funds by the EU Commission conforms to the rules.

       Express.co.uk has approached the European Commission for comment.