Brexit Bill to be Around £50 Billion

The U.K. will have to pay a bill of about 50 billion pounds ($62 billion) when it leaves the European Union, Commission President Jean-Claude Juncker warned as British Prime Minister Theresa May prepares to trigger the formal start of the exit process.

While there is no desire to punish Britain for leaving the bloc, the EU must deter other countries from following, the head of the EU’s executive arm told the BBC in an interview broadcast on Friday.

“We have to calculate scientifically what the British commitments were and then the bill has to be paid,” he said. Asked if the bill will be 50 billion pounds, which is about 58 billion euros, Juncker replied: “It’s around that.”

Bloomberg

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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.