EU says UK owes € 47.5bn in post-Brexit settlementEuropost
EU announced it expected UK to fulfill its obligation to pay a total of 47.5 billion euros to the Union as part of its settlement over Brexit. EU consolidated budget for 2020 noted that the money was due under a series of articles which both sides agreed to as part of the Brexit withdrawal accord, Reuters elaborated.
UK, however, insisted that Brexit settlement remained within its previous central range of 40.74 billion euros to 45.40 billion euros. The 47.5 billion euros sum is a lot higher than previously expected. The UK's Office for Budget Responsibility (OBR) predicted in its March 2018 economic and fiscal outlook report that the bill would amount to 41.4 billion euros. An initial amount of 6.8 billion euros is due to be paid in 2021, the EU's consolidated budget report said, with the remainder of the amount to be paid later.
A total amount of 47.5 billion euros was mentioned in the report as "net receivable from the UK". The trade and cooperation deal between the UK and EU was struck in December after more than four years of acrimonious negotiations and lingering mistrust as Britain ended 47 years of EU membership. 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. Tension has mounted over trade arrangements for Northern Ireland, particularly for chilled meats, because the province's open border with EU member Ireland is Britain's only land frontier with the EU and its vast single market.