UK liable to pay $56.2 billion as part of post-Brexit financial settlement

In a statement, the executive body of the European Union said, the United Kingdom is liable to pay $56.2 billion (47.5 billion euros) to the bloc as part of its post-Brexit financial settlement.

The amount, forming part of the EU’s consolidated budget report for 2020, is owed under a series of articles agreed and signed by both sides as part of the Brexit withdrawal agreement.

Despite this, the UK Treasury, insisted that the Brexit divorce settlement remained within its previous central range of 40.74 billion euros to 45.40 billion euros, as per a report from the Financial Times on Thursday.

The Treasury did not immediately respond to requests for comments.

An initial amount of 6.8 billion euros is scheduled to be paid to the EU this year, with the remainder of the amount to be paid later.

As per the EU’s consolidated budget report for 2020, a total amount of 47.5 billion euros is shown as “net receivable from the UK”.

On Tuesday, the EU urged London to consider a Swiss-style veterinary agreement with Brussels on agri-foods to end a post-Brexit ‘sausage war’ row over certain goods moving between Britain and its province of Northern Ireland.

Tensions simmer over trade arrangements for Northern Ireland, especially for chilled meats, since the province has an open border Ireland, which is part of the EU, and is Britain’s only land frontier with the EU and its humongous single market bloc.

($1 = 0.8448 euros)

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