UK to pay €47.5 billion to the EU as part of its post-Brexit settlement
Most of the money will be paid over several decades.
The UK is likely to be liable to pay €47.5 billion to the EU as part of its post-Brexit financial settlement.
The figures contained in the EU's consolidated budget report for 2020 and seen by RTÉ states that the UK owes the EU €47.456 billion, broken down into two amounts.
The total will be paid over several decades, however, an initial amount of €6.8 billion is due for payment in 2021. The figure were agreed by both sides.
The issue of what Britain would pay to the EU has been controversial with some people suggesting that the UK would not have to pay if there was no deal on the Withdrawal Agreement or treaty.
The amount is higher than had been expected by experts initially as the UK’s Office for Budget Responsibility (OBR) predicted back in the March 2018 Economic and Fiscal Outlook Report that the total bill the UK would pay to the EU would amount to €41.4 billion.
Under Article 140 of the Withdrawal Agreement, the UK is obliged to pay its share of the EU’s outstanding spending commitments as of when the Brexit withdrawal period came to an end on 31 December 2020.
The UK will also be liable to pay 12.6% of money related to EU projects, programmes, agreements or contracts which had been committed to before 31 December 2020, even if they have yet to be implemented.
The figures are contained in the Consolidated Annual Accounts of the European Union, published by the European Commission, however, the accounts are provisional until the EU Court of Auditors signs off on them in November.