Lawmakers Lash Out at Brexit Bill

U.K. lawmakers in Prime Minister Theresa May’s Conservative party hit back at claims from Austrian Chancellor Christian Kern that Britain will be charged 60 billion euros ($63 billion) to leave the European Union as tensions surge ahead of Brexit talks.

In a Bloomberg interview on Thursday, Kern became the first EU leader to put a value on the size of the U.K.’s Brexit bill. While May’s office was muted in its public comments, Kern’s warning that there would be “no free lunch” for the U.K. sparked a furious response from senior members of Parliament.

“This figure is a nonsense that’s been conjured up by EU officials who are behaving like children,” former cabinet minister Iain Duncan Smith said in an interview. “For the Austrian chancellor to even refer to it is quite absurd. As for saying there’s going to be no free lunch for Britain, we paid so much into the EU budget over the years, we pretty much bought the damned restaurant.”

Bloomberg

The Mnuchin Media Roadshow

GBP/USD – Pound Jumps on Bullish UK Retail Sales Report, Weak US Jobless Claims

MS

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.