Sunday, May 29, 2022

Brexit bill rises to 40 billion pounds as Brussels demands additional 2 billion


Robert Frank
Robert started his career as a freelance content writer. Now, He is the founder of widely-recognized PR Agency. Robert still writes news pieces on various publications.

The final bill for Britain to leave the European Union is estimated at 40.8 billion pounds, according to calculations filed in Brussels, an amount more than previously expected.

Officials had said the final cost of Brexit would be 39 billion pounds, 1.8 billion less than the European Union’s amount in the bloc’s 2020 consolidated budget report.

The final bill was higher, about 43 billion pounds, but Brussels owes Britain 1.8 billion pounds for its share of the fines imposed by the bloc before the end of the Brexit transition period last year.

British government had believed that the final Brexit bill would be less than $39 billion because frequent Brexit extensions meant the total amount had been reduced due to Britain’s contributions to the EU budget.

The Office for Budget Responsibility said last November that about 25 billion pounds left to be paid by 2057 would be paid in the first five years.

The latest withdrawal settlement came amid tensions between Brussels and London over a Northern Ireland protocol that was drawn up to avoid a hard border on the island of Ireland.

Protocol links Northern Ireland to a set of EU customs controls that have disrupted trade since it was implemented in January. The financial settlement was agreed upon during these talks on the Brexit withdrawal agreement. Two sides signed a method for calculating what was owed in 2017, but the withdrawal agreement itself was not ratified until 2019. Agreement on a financial settlement was a precondition for trade talks that ended in a deal last December.


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