Rumours are once against circulating about the Brexit Bill but progress has been made thanks to Michael Barnier devising a formula to calculate how much Britain will be billed for leaving the bloc.
The EU is not too keen to discuss the exact figure that they wish to bill the UK for leaving, but there’s talk of the final figure potentially reaching 12 figures.
Boris Johnson said last week that the EU can ‘Go Whistle’ if it thinks we will pay anywhere close to that amount of money.
The Express reported:
“At one end of the scale a figure of around £56.8 billion (€65bn) has been banded about, which is largely based on the UK’s current share of the EU’s budget – 12.5 per cent – through to 2020, which is the final year of the bloc’s current long-term budget plan, which was approved by the UK.
However, some have said the bill could be as much as £87.5bn (€100bn) or even more.
That figure takes into account a wide range of liabilities such as Britain’s supposed involvement with various institutions such as the European Investment Bank.
The reality appears the bill will invariably fall between those two extremes.
Margaritis Schinas, the chief spokesman for the European Commission, said on Friday: “We shall not start the negotiations by discussing numbers.
Numbers will emerge once methodology is agreed. Barnier and team are ready to start ASAP.””
The UK has indicated that it is willing to make some payment to the EU. Such talk has angered many hard line Brexit voters. Jeremy Corbyn also admitted he will honour any financial obligation the UK must pay.
Brexit minister Baroness Anelay issued a statement recently that said: “On the financial settlement, as set out in the prime minister’s [Article 50 letter] the Government has been clear that we will work with the EU to determine a fair settlement of the UK’s rights and obligations as a departing member state, in accordance with the law and in the spirit of our continuing partnership.
“The Government recognises that the UK has obligations to the EU, and the EU obligations to the UK, that will survive the UK’s withdrawal — and that these need to be resolved.”
Boris Johnson said last week: “I think the the sums that I have seen seem to me to be extortionate and I think go whistle is an entirely appropriate expression.”
Let us not forget that the UK also has a share of assets in the EU, such as a £8.7 billion in the European Investment bank.