Britain Pays for Brexit

by International | 20-09-2017 | 703 views

London: Following Britain’s Exit from the European Union, British Prime Minister Theresa May promises to pay 20 billion euros. The announcement will be formally made by May on Friday, when the prime minister delivers a highly-anticipated Brexit speech in the Italian city of Florence. The lack of agreement on a divorce settlement has proven a major stumbling block in the Brexit talks. Britain is yet to put forward a figure to meet its financial obligations to the European Union when it leaves the bloc, currently set for March 29, 2019. The 20 billion euros figure therefore points to payments to meet the UK commitment to the EU's seven-year budget, which runs to 2020, and could be paid during a transitioned departure from the bloc. Britain's net contribution in 2015 was 10.75 billion euros, according to European Commission and European Parliament documents.

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