House of Commons Library report: Brexit – The Exit Bill

After the UK leaves the EU, it is expected to make a contribution towards the EU’s outstanding financial commitment. The UK Government estimates that the settlement will cost around £35 billion-£39 billion.

However, it is very difficult to put definitive figures to the settlement as the actual payment will be based on outturns – rather than current estimates – which depend on future events.

This is according to the July 2018 report from House of Commons Library on the the exit bill.

The report finds:

  • When the UK leaves the EU it is expected to make a contribution towards the EU’s outstanding financial commitments. These are spending commitments that were agreed by Member States while the UK was a member of the EU
  • The UK will continue to contribute to, and participate in, the EU Budget in 2019 and 2020. Any changes made to the Budget or its financing after the withdrawal date (set to be 29 March 2019) will not apply to the UK
  • The UK will share the financing of the EU’s liabilities incurred before 31 December 2020. Liabilities with corresponding assets will be excluded as will assets and liabilities related to the spending and financing of the EU Budget
  • The settlement will be drawn up and paid in euro. This means that the UK’s actual contribution in pounds will be contingent on the future exchange rate
  • The UK will continue to honour the commitments it has made on the Facility for Refugees in Turkey and the European Union Emergency Trust Fund.

Read the full report.