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Brexit: When will Britain STOP paying billions into the EU budget at long last?

BREXIT supporters want to stop paying into Brussels coffers as soon as possible. But when will funding be cut off?

When will the UK stop paying in the EU budget?Getty

When will the UK stop paying in the EU budget?


Millions of Britons voted for Brexit in order to stop sending billions of pounds of taxpayers money to the EU each year.But Iain Begg, professor at the London School of Economics, warned that Britain may not be able to end EU payments as soon as it wants.

During a briefing in London on Wednesday, he said the UK faces a “dilemma” because the EU has financial commitments that stretch beyond 2020.

Research projects are awarded EU funding up to five years in advance while economic development project can be even more long-term.Prof Begg, an expert at the UK in a Changing Europe initiative, asked: “How long do we expect the UK taxpayer to contribute?

“Will we face a continuing bill and what will that do to the domestic politics of Brexit?”

If Britain decides to stay in the single market, it may have to pay into the EU budget as Norway does at the moment.

Prof Begg said: “We have to pay well beyond 2020. We may well have to pay if we are going for a Norway, or Norway light, model.

“But yet the citizens are saying the biggest thing we want to stop is paying into the EU budget.”

When the UK stops its EU payments, it will leave massive hole in the EU budget.

Prof Begg said this was going to be “awkward” for the EU because other other countries would have to make up the difference.“That is going to create all sorts of wrangles that are going to poison the negotiations for us.

“Germany being asked to pay more is not going to make them well in tune to what we want.”

The Brexit campaign famously argued that Britain could divert money from the EU budget to the NHS.

Prof Bebb said that Britain pays a long of money – between £12billion and £14billion a year – into the EU budget.But he said this amount is dwarfed by the possible impact of Brexit on Britain’s economy, which is measured in terms of GDP.

He added: “The GDP effect is the one we should be looking at to tell us whether public finances will be better or worse off.

“We don’t yet know what the GDP effects are going to be.”

There also is no guarantee that the Treasury will keep funding projects that are currently supported by the EU.

http://www.express.co.uk/news/politics/715849/Brexit-when-Britain-stop-paying-billions-EU-budget-financial-contributions-UK-payments

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