The shortfall in European Union funds was identified by auditors and totals $407 billion.
EU Auditor Igor Ludborzs told the Euractiv website that it may be problematic to secure the additional money from member states.
"It might be problematic to get this money from member states to finance the expenditure foreseen. We don't see a happy ending. The amounts are getting bigger and bigger," Ludborzs stated.
British diplomats have stressed that British Prime Minister Cameron was determined to ensure the European Union met its budget limits, but Arnott dismissed this.
"We haven't yet paid the last 1.7 billion pound extra bill demanded by the European Union yet, and already it seems that they're on the point of demanding even more money from the British taxpayer," Arnott told Sputnik.
"Yet another bill for the British taxpayer, another black hole in the EU budget and another defeat for Cameron in Europe," Arnott said.
The pro-EU Conservative, Labour and Liberal parties, along with the Scottish National Party, declined to comment on the projected shortfall in the European budget.
Earlier in November, Cameron said that Britain will pay only half of the 1.7 billion pound budget surcharge demanded by the European Union. The payment is expected to be made in two installments, in July and September next year.