UK should spend four years after Brexit paying off mammoth £51 billion divorce bill, EU officials demand
The payments will be made in instalments to cover the £8.5bn-a-year black hole left in EU budgets by Britain’s departure
BRITAIN will be paying into EU coffers for four years after a Brexit deal, under plans being looked at by the European Commission.
European Union officials want Britain to finalise a Brexit divorce bill of up to £51bn before finalising a trade deal.
The aim of the payments would be to help smooth over the £8.5bn-a-year black hole left in the EU budgets by Britain’s departure - which could see richer countries like Germany and France paying more.
The idea is Britain should pay in instalments up until 2023 was made at a meeting earlier this month between Michel Barnier, the European Commission’s chief Brexit negotiator, and senior officials from the 27 remaining EU countries.
An EU diplomatic source told the Daily Telegraph the European Commission wants the UK to pay in instalments from the day of departure in 2019 up until 2023.
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The source said that was when the financial demands of the EU’s seven-year budget cycle are at their highest.
The demand threatens the PM’s pledge for Britain would halt its “vast contributions” to the annual EU budget post Brexit.
It’s understood the European side wants Britain to sign an agreement in principle on the Brexit divorce bill, before opening discussions on a future trade deal.
David Davis, the Brexit Secretary has said it is “not practical” to expect the UK to sign up to paying bills in independently from trade talks, and the two elements must be discussed at the same time.