Business and Finance

EU warns of ‘very hefty’ Brexit bill

EU flag. Image: Rock Cohen via Flickr (CC 2.0) 

The UK faces a ‘very hefty’ bill for Brexit according to European Commission President, Jean-Claude Juncker.

In a speech to the Belgian Federal Parliament, he said;

The British people have to know, they know already, that it will not be at a discount or at zero cost. The British must respect commitments they were involved in making. So the bill will be, to put it a bit crudely, very hefty.

Reports suggest that the UK could be forced to pay upwards of £50 billion to Europe on leaving.



Mr Juncker also said that any talks around a new trade deal with the EU would take much longer than the two years Theresa May is promising.

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Prime Minister Theresa May is planning to trigger Article 50 by the end of March that will start a period of two years of negotiations.

The House of Lords is today holding a second day of debate around her government’s European Union (Notification of Withdrawal) Bill, which, if passed will give her the go-ahead.

Mrs May has previously warned the EU that to ‘punish’ the UK for Brexit would be ‘an act of calamitous self-harm.’

Earlier this month, the House of Commons overwhelmingly backed the EU Bill and the government has said the Lords must not ‘frustrate’ its passage into law.


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