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 Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam