Brexit Bill has been revealed. United Kingdom is expected to pay Brussels £40.8 billion which is £2 billion more than expected within a period of six months. Britain would not agree with the European Union on the amount that they are required to part as a result of Brexit. Now it is clear that for Britain to leave the EU, they must pay £41 billion.
In fact the final Brexit bill would have been higher at £43 billion but EU owes Britain £1.8 billion for its share of fines imposed by the EU on companies before the end of the transition period.
The UK government believes that the amount would be lower that £39 billion because the government had been contributing to the EU budget during the transition period which was extended from time to time.
This news will trigger public debate among both Europhiles and Eurosceptics as will as cause tension between the EU and UK.
This financial settlement was one of the items which was agreed upon during the negotiations of the Withdrawal Agreement. However, any increase of the amount of settlement will increase the fury of the Tory Eurosceptics.
According to the revealed information, UK taxpayers have to pay approximately £198 million this year. The rest of that amount will be paid over several years.
The Brexit bill slapped on the UK is made up of outstanding commitments made when the UK was a member state and the other covers health insurance and pension liabilities for EU staff.
United Kingdom ended 47 years of her membership in the European Union. Britain joined EU in 1973. The European Union (EU) is a free trade zone and a political force formed by states of Europe.
In 2016 through a referendum, United Kingdom voted to leave the bloc. The UK saw the EU as being a source of uncontrolled immigration, being out of touch and expensive. Those were the root causes of the exit.
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