Brexit Withdrawal Agreement Costs

The European Commission has rejected a request by senior Conservative officials to rewrite the Brexit withdrawal agreement to reduce the amount of cash Britain has to pay to the EU. The key principles of financial management have been defined for months and the EU has made it clear that it considers the Withdrawal Agreement to be complete. If the UK Parliament approves a Brexit deal, this financial regime will likely be applicable, but it will not change directly following the extension of the original Brexit date, March 29 to October 31. Duncan Smith voted in favour of the deal he criticises when it was introduced in Parliament. The UK`s commitment should be set as a percentage of the EU`s commitments calculated at the time of withdrawal according to a methodology agreed during the first phase of the negotiations. [2] The amount due is complex to calculate and includes, in addition to the EU central budget, various commitments. The UK is also entitled to a portion of the EU`s assets. [1] In 2017, the UK accounted for 16% of the European Investment Bank (EIB) worth GBP 8.8 billion, based on data provided by Lawyers for Britain. [25] In the context of the financial comparison, the liability of the United Kingdom arising from the EIB financing guarantee, whereas the United Kingdom was a Member State, will be maintained and its level will be reduced according to the depreciation of the EIB portfolio in progress at the time of the exit of the United Kingdom, at the end of which the capital of the United Kingdom returned to the United Kingdom is what will happen.

[2] In March 2018, the OBR estimated net assets at EUR 3.5 billion to offset the entire financial liquidation. [26] The Withdrawal Agreement sets out how the UK and the EU will fulfil each other`s outstanding financial obligations resulting from the UK`s participation in the EU budget as a Member State and other aspects of its accession to the European Union. . . .