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Flags of the United Kingdom and the European Union are displayed in Brussels, Belgium, ahead of a meeting between European Commission President Ursula von der Leyen and British Prime Minister Boris Johnson on December 9, 2020. REUTERS/File Photo: Olivier Hoslet/Pool Reuters, July 8 – According to RTE News, the United Kingdom is obligated to pay the European Union 47.5 billion euros ($56.23 billion) as part of its post-Brexit financial settlement. According to RTE News, the statistics are contained in the EU’s consolidated budget report for 2020, and the money is payable under a set of clauses that both sides agreed to as part of the Brexit divorce deal. Outside of usual working hours, representatives from the EU and the UK were unable for comment. If confirmed, the overall sum is substantially larger than planned. 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 news agency, a first payment of 6.8 billion euros is due in 2021 under the exit deal. The majority of the money will be paid out over several decades, according to the report. 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. (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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