Britain Does Not Expect £50 Billion Brexit Bill

Brexit minister David Davis said he did not expect Britain to have to pay 50 billion pounds ($62 billion) to the European Union as part of the Brexit process and said the era of huge sums being paid to Brussels was coming to an end.

British media reports have suggested that Britain could have to pay around 50 to 60 billion pounds in order to honor existing budget commitments as it negotiates its departure from the bloc.

“We haven’t actually had any sort of submission to us from the Commission. But our view is very simple, we will meet our obligations, we are a law abiding country,” Davis told broadcaster ITV on Thursday.

Reuters

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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.