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Money Britain will be paying the EU until 2064

13:43  14 march  2018
13:43  14 march  2018 Source:   businessinsider.com.au

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LONDON — Britain will not pay off its Brexit divorce settlement until the year 2064 — 46 years from now Prime Minister May said in her Mansion House speech on Brexit that she is prepared to pay the EU in return for membership of agencies covering areas like medicine, chemicals and aviation.

LONDON — Britain will not pay off its Brexit divorce settlement until the year 2064 — 46 years from now — according to the latest economic forecasts The UK will pay £16.4 billion worth of contributions into the EU budget between the years of 2019-2020; £18.2 billion between 2021 and 2028 for

Theresa May posing for the camera© Provided by Business Insider Inc Britain will not pay off its Brexit divorce settlement until the year 2064 - 46 years from now - according to the latest economic forecasts from the Office for Budget Responsibility.

The UK government has agreed to pay £37.1 billion to the European Union as part of its departure from the bloc, in order to pay off financial commitments it signed up to prior to the British public voting for Brexit.

However, the OBR has revealed today this sum will be paid off via staggered contributions lasting to the year 2064.

The UK will pay £16.4 billion to the EU between the years of 2019-2010; £18.2 billion between 2021 and 2018; and £2.5 billion spread out between 2019 and 2064, according to ORB estimates, which you can read here.

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New official data indicates that Britain will be paying its Brexit divorce bill for 45 years after leaving the EU – until 2064 . It is the first time the UK’s fiscal watchdog has set out how Britain would pay the bill Brussels is demanding London pay to meet its liabilities.

Britain will keep paying money to the European Union until 2064 – almost 50 years after the referendum, the UK’s economic forecaster has said. The Office for Budget Responsibility (OBR) predicts that Britain will hand over a total of £37.1 billion after it quits the EU next year.

Here is the key graph.

Brexit bill© Provided by Business Insider Inc Brexit bill

Prime Minister Theresa May has repeatedly insisted that Brexit will mean Britain taking back control of its laws, borders and money.

"The agreement we reach with the EU must respect the referendum. It was a vote to take control of our borders, laws and money," she said in her most recent keynote speech on Brexit negotiations.

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Britain will still be paying into European Union coffers for another 46 years as it contributes towards the pensions of Brussels officials, according to an official It forecast that payments would continue until 2064 as part of the UK’s pledge to honour its promises to pay into EU officials’ pension pots.

Britain is set to pay hundreds of millions of pounds to the European Union each year until 2064 , the government’s financial watchdog After 2040 the UK will be paying an average of £150 million a year, which it said was 0.004 per cent of GDP, and will pay for outstanding EU pension liabilities.

However, today's figures suggest that Britain will continue making financial contributions to Brussels decades after ceasing to be a member state.

Britain will spend nearly half a decade - from 2040 to 2064 - paying off what it owes in pension liabilities, as illustrated another graph, shown below.

Brexit bill© Provided by Business Insider Inc Brexit bill

The ORB figures formed the basis of Chancellor Philip Hammond's Spring statement, which was unveiled shortly after lunchtime on Tuesday.

They do not account for future payments Britain may make in exchange for access to the single market or participation in European agencies.

Prime Minister May said in her Mansion House speech on Brexit that she is prepared to pay the EU in return for membership of agencies covering areas like medicine, chemicals and aviation.

"We accept this would mean abiding by the rules' and making an appropriate financial contribution," she said last month.

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