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UK Economics

‘True’ £660m weekly cost of Britain’s EU membership

THE true cost to Britain of being in the EU has been £660million a week since 2010, a think tank says.

This includes more than £80billion lost to the Treasury after the European Court of Justice forced tax rebates to multinationals and £50billion in Eurozone bailout obligations.

In membership fees alone, after the rebate has been returned Britain has paid out £70.6billion in fees.

But the Bruges Groups says our real financial commitment is £275.08billion.

Eu costGETTY

The true cost to Britain of being in the EU has been £660million a week

This includes £7billion in welfare payments to EU citizens living in the UK.

European Court of JusticeGETTY

This includes more than £80bn lost to the Treasury after the ECJ forced tax rebates


In 2014 the UK was forced to hand over an extra £1.7billion after the EU bust its budget.

These figures grossly underestimate the true level of Britain’s financial exposure over the past seven years

Robert Oulds

It was the year that then chancellor George Osborne announced a £12billion welfare cut as part of a plan to mend Britain’s deficit.

Crucial to the equation, says the Eurosceptic group, is the £40billion spent on propping up the euro and bailouts.

It includes £6.6billion to bail out Portugal and Ireland, with £32billion given to the European Investment Bank, and £1billion to the European Central Bank.

European Central BankGETTY

The European Central Bank received £1billion


Last week  critics seized on Treasury figures which, they said, showed the UK paid £156million a week to the EU last year, not the £350million claimed by the Leave campaign.

Robert Oulds, director of the Bruges Group, said: “The point is that all of these figures grossly underestimate the true level of Britain’s financial exposure over the past seven years.”

http://www.express.co.uk/news/politics/840390/Brexit-latest-weekly-cost-Britain-EU-membership

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2 Comments on "‘True’ £660m weekly cost of Britain’s EU membership"

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Jeremy Wraith
Guest

The cost to the UK economy of being in the EU in 2014 was estimated by Tim Congdon as being in the order of £185 billion for that year alone. This is about £1/2 billion/week. Using that figure it could have currently cost the UK between £8 and 9 TRILLION to be in the EEC/EU since 1973. This is assuming an annual increase of just under £5 billion/annum and correcting to annual costs to current values.

Jane Davies
Guest

An obscene amount of taxpayers money being thrown into the black hole of the EU. People have suffered years of austerity and cuts to essential services, the disabled being forced to prove they cannot work, health care run down to the lowest levels in decades…I could go on, meanwhile the fat cats lap up the EU gravy without any conscience or concern for the people who have paid for this disaster over more than forty years. Shame on the lot of them.

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