Blog: UK liable to pay 47.5 billion euros to EU in post-Brexit settlement – Reuters UK

British and European Union flags are seen ahead of a meeting of European Commission President Ursula von der Leyen and British Prime Minister Boris Johnson, in Brussels, Belgium December 9, 2020. Olivier Hoslet/Pool via REUTERS/File Photo

July 8 (Reuters) – The United Kingdom is liable to pay 47.5 billion euros ($56.23 billion) to the European Union as part of its post-Brexit financial settlement, RTÉ News reported late on Thursday.

The figures are contained in the EU’s consolidated budget report for 2020, according to RTÉ News, with the report adding that the money is owed under a series of articles which both sides agreed to as part of the Brexit withdrawal agreement.

Representatives of the EU and UK were not immediately available for comment outside regular working hours.

The total amount, if confirmed, is significantly higher than expected. The UK’s Office for Budget Responsibility (OBR) predicted in its March 2018 economic and fiscal outlook report that the bill would amount to 41.4 billion euros.

The news outlet said that under the withdrawal agreement, an initial amount of 6.8 billion euros is due for payment in 2021. Most of the money will be paid over several decades, it said.

A trade and cooperation deal between the UK and EU was struck in December after more than four years of acrimonious negotiations and lingering mistrust as Britain ended 47 years of EU membership.

($1 = 0.8448 euros)

Reporting by Kanishka Singh in Bengaluru; Editing by Chizu Nomiyama and Sonya Hepinstall

Our Standards: The Thomson Reuters Trust Principles.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s