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Flags of the United Kingdom and the European Union are displayed in Brussels, Belgium, before of a meeting between European Commission President Ursula von der Leyen and British Prime Minister Boris Johnson. 9th of December, 2020 Pool/Olivier Hoslet courtesy of REUTERS/File Photo Reuters, July 8 – According to the EU’s consolidated budget report for 2020, the United Kingdom is due to pay 47.5 billion euros ($56.23 billion) to the European Union as part of its post-Brexit financial settlement. The money is payable under a set of articles that both sides agreed to as part of the Brexit separation deal, according to the newspaper. RTE News had already reported the amount on Thursday. The whole cost is far larger than anticipated. In its March 2018 economic and fiscal outlook report, the UK’s Office for Budget Responsibility (OBR) estimated a cost of 41.4 billion euros. According to the EU’s consolidated budget report, an initial payment of 6.8 billion euros is due in 2021, with the remaining to be paid subsequently. The report mentions a total amount of 47.5 billion euros as “net receivable from the UK.” After more than four years of tense negotiations and persistent mistrust, the UK and EU reached a trade and cooperation agreement in December, ending Britain’s 47-year membership in the EU. The European Union pushed London on Tuesday to adopt a Swiss-style veterinary agreement with Brussels on agri-foods to avert a post-Brexit “sausage war” over some items flowing between the United Kingdom and Northern Ireland. find out more Because Northern Ireland’s open border with EU member Ireland is Britain’s only land border with the EU and its enormous single market, tensions have risen over trading agreements, notably for chilled meats. (1 dollar = 0.8448 euros) Kanishka Singh contributed reporting from Bengaluru, while Chizu Nomiyama and Sonya Hepinstall edited the piece. The Thomson Reuters Trust Principles are our standards./nRead More

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