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UK Economics

EU is demanding billions for things which might never happen, says Brexit analyst

THE EU’s attempt to saddle Britain with a crippling bill for daring to leave the union will see Europe demanding billions in contingency cash for things which might never happen, a leading economist has said.

Brexit news latest EU billion divorce bill UK talks negotiationsGETTY – STOCK       An economist said EU is demanding billions for things which might never happen


EU negotiators are expected to demand at least £88 billion from Britain as part of a crippling ‘Brexit divorce settlement’.But the figure includes cash for theoretical problems which may never arise – and might see the EU hanging on to British cash it is not entitled to.

Julian Jessop, Chief Economist at the Institute of Economic Affairs financial think-tank has crunched the numbers and arrived at some startling conclusions.

He also believes Britain would be in a strong legal position simply to walk away from negotiations and pay nothing.

He said: “Many Brits would counter that the right figure is a nice round ‘zero’ – if not a refund.

“The UK would certainly be on strong legal ground if it simply stopped making its regular contributions after March 2019.

Brexit news latest EU billion divorce bill UK talks negotiationsGETTY – STOCK               EU negotiators are expected to demand at least £80 billion as part of the Brexit divorce bill


Many Brits would counter that the right figure is a nice round ‘zero’ – if not a refund

Julian Jessop

“The EU is also asking the UK to make large upfront payments for contingencies that may never arise – and then wait years for a repayment.”The economist recommends a mid-course option which balances out the need for the nation not to be steam-rollered by Brussels with the desire to maintain strong friendships across the Channel.

“But if there is ‘no deal’ by March 2019, the UK should indeed be ready to walk away without paying a penny.”

He added the term ‘divorce bill’ was inaccurate and that Brexit was more akin to quitting a club or a gym before the end of your contract.

Brexit news latest EU billion divorce bill UK talks negotiationsGETTY – STOCK            Julian Jessop believes Britain would be in a strong legal position simply to walk away from talks


He said: “The UK agreed to pay membership fees in return for access to the facilities and services provided by the EU and now wants to close its account.“It’s not entirely unreasonable to argue that the UK should be asked to make some contribution towards long-term financial commitments undertaken when the UK was a member – even if the money is spent after the UK has left.”

http://www.express.co.uk/news/politics/825672/Brexit-news-latest-EU-billion-divorce-bill-UK-talks-negotiations

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