First Thing, Daily Maverick's flagship newsletter

Join the 230 000 South Africans who read First Thing newsletter.

EU Says U.K. Owes It 47.5 Billion Euros for Post-Brexit...

Newsdeck

World

EU Says U.K. Owes It 47.5 Billion Euros for Post-Brexit Payment

Cyclists ride pass Brixton London Underground Station in London, U.K., on Wednesday, April 7, 2021. British voters' attitudes are hardening against the European Union in the wake of the clashes between London and Brussels over coronavirus vaccines that have marked the 100 days since the U.K. completed its divorce from the bloc. Photographer: Hollie Adams/Bloomberg
By Bloomberg
08 Jul 2021 1

The European Union concluded that the U.K. owes it 47.5 billion euros ($56.2 billion) as part of the Brexit settlement, a higher figure than the U.K. had originally estimated.

By Kevin Whitelaw
Jul 8, 2021, 8:59 PM
Word Count: 192

The EU assessment, which was published in a budget document, is aimed at reflecting the U.K.’s ongoing commitments to EU programs it’s still benefiting from, as well as other obligations to the bloc. The bulk of funds are due to the EU in the coming years.

The accounting could trigger new discussions with the U.K., which estimated in 2018 that the total bill would amount to 41.4 billion euros.

The EU said that for 2021, the U.K. payment should total 6.8 billion euros, with the rest to be paid later. Some payments to the EU could continue for liabilities such as the pensions of officials for several decades, the U.K. government has acknowledged.

The two sides continue to bicker over a number of issues related to the U.K.’s withdrawal from the EU. Late last month, officials postponed for thee months a clash over British companies selling chilled meats to Northern Ireland as they continue to negotiate new trade rules for the region.

Gallery

Comments - share your knowledge and experience

Please note you must be a Maverick Insider to comment. Sign up here or sign in if you are already an Insider.

Everybody has an opinion but not everyone has the knowledge and the experience to contribute meaningfully to a discussion. That’s what we want from our members. Help us learn with your expertise and insights on articles that we publish. We encourage different, respectful viewpoints to further our understanding of the world. View our comments policy here.

All Comments 1

  • As the UK’s net contribution in 2015/6 was €12.5billion and rising it won’t take long to pay this off. Taken together with revising MiFID and GDPR rules the UK can probably save this much in a year.

Please peer review 3 community comments before your comment can be posted