(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 https:// 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.
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by : Reuters