MENU
UK Economics

Britain’s payment to Brussels DOUBLES after EU chiefs claim UK has UNDERPAID

BRITAIN was forced to hand over hundreds of millions of pounds extra to Brussels in June, after the European Commission claimed the UK has underpaid the bloc in previous years.

UK EU budgetGETTY             Britain paid hundreds of millions extra to Brussels in June


The Government gave £1.25billion in contributions to the European Union (EU) – £258million on top of its standard payment – official figures revealed today.Payments to Brussels last month were than double June 2016, when the UK paid £502million, according to the Office for National Statistics (ONS).

Last month’s extra payment helped push up Britain’s debt burden to new record highs, as state borrowing unexpectedly jumped sharply to £6.9bn amid the payment to the EU.

Economists had expected the figure to be around £4.2bn.

Britain’s debt pile is now sitting at around £1.75trillion, after growing by around £128bn over the past year, pushing money owed as a share of the economy to 87.4 per cent.

UK debt chart 2017Office for National Statistics                              Britain’s debt continues to creep up


Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said: “The jump in borrowing in June primarily reflects a £4.6B, or 8.3 per cent, year-over-year leap in central government current expenditure.”Although spending rose in most areas, a £1.2B increase in interest payments and £0.8B rise in contributions to the EU’s budget, partly to correct for underpayments in previous years, were to blame for the particularly strong growth.”

Money received by the state through taxes and other income grew by around five per cent in the current financial year from April and June 2017, compared to the same period last year.

However, Government spending outpaced income and Britain borrowed another £22.8bn.

http://www.express.co.uk/finance/city/831411/Brexit-news-UK-contributions-EU-budget-Brussels-UK-underpaid-bill

Leave a Reply

4 Comments on "Britain’s payment to Brussels DOUBLES after EU chiefs claim UK has UNDERPAID"

Help put the World to rights and leave a Comment

Jane Davies
Guest

It would seem the EU demands more taxpayers money and the UK government gives in. Where are the people with a backbone in UK politics? Where are the counter demands for proof and where are the EU accounts? Why does the British government cave in to these un-elected bullies?

brexit121
Guest

I would have demanded to see their balanced books before I gave them any more money. We need to walk away now.

Edith Ricketts
Member

To brexit 21 : – I agree completely.

Margeret Robinson
Guest

Why are is this not in msm It would give the remainers something to think about because if we stayed in their ever increasing demands would see the uk bankrupt. Have the remainers any idea of the cost of their beloved single market. In what way did we underpay. How much of the eu budget has been allocated to the uk in the last 5 year. Out out out

wpDiscuz
MENU
Powered by: Wordpress
%d bloggers like this: