Navigation
Suscribe
Menu Search Facebook Twitter
Search Close
Menu ALL SECTIONS
  • Capital Coahuila
  • Capital Hidalgo
  • Capital Jalisco
  • Capital Morelos
  • Capital Oaxaca
  • Capital Puebla
  • Capital Quintana Roo
  • Capital Querétaro
  • Capital Veracruz
  • Capital México
  • Capital Michoacán
  • Capital Mujer
  • Reporte Índigo
  • Estadio Deportes
  • The News
  • Efekto
  • Diario DF
  • Capital Edo. de Méx.
  • Green TV
  • Revista Cambio
Radio Capital
Pirata FM
Capital Máxima
Capital FM
Digital
Prensa
Radio
TV
X
Newsletter
Facebook Twitter
X Welcome! Subscribe to our newsletter and receive news, data, statistical and exclusive promotions for subscribers
World

British Lawmakers: UK not Legally Bound to Pay into EU Budget if no Brexit Deal

Money is likely to be one of the most contentious elements of the upcoming divorce talks

A man dressed as a Crocodile walks past a sign about Brexit in West Belfast, photo: Reuters/Clodagh Kilcoyne
By Reuters Whatsapp Twitter Facebook Share
4 weeks ago

LONDON –If Britain leaves the European Union without agreeing an exit deal it will not be legally obliged to contribute to the bloc’s budget post-Brexit, a committee of members of Britain’s upper house of parliament said on Saturday.

Money is likely to be one of the most contentious elements of the upcoming divorce talks. Other EU nations want Britain to pay its share of budget commitments — estimated informally by EU officials at roughly 60 billion euros.

British Prime Minister Theresa May has said only that the government would consider paying into the EU to participate in “some specific European programmes”.

Under Article 50 of the EU’s Lisbon Treaty, Britain has two years to agree a deal with the EU after which time it will leave without one unless all member states agree to extend negotiations.

“If agreement is not reached, all EU law – including provisions concerning ongoing financial contributions and machinery for adjudication – will cease to apply and the UK would be subject to no enforceable obligation to make any financial contribution at all,” the House of Lords EU Financial Affairs committee said in a report.

A warning against Brexit sign is seen beside the former border customs hut between Donegal in the Republic of Ireland and Londonderry in Northern Ireland at the border town of Muff, Ireland February 10, 2016. Photo: Reuters/Clodagh Kilcoyne

The report also concludes that, in return, Britain will not be in a position legally to claim a share of the EU’s assets on exit unless they are included in a withdrawal agreement.

Negotiating what Britain owes is one of the EU’s priorities for this year, with EU officials saying the bloc wants to agree with Britain a formula for calculating the amount rather than defining a concrete sum in advance.

Britain will have to weigh up the financial and political costs of making payments to the EU in return for agreement on things such as EU market access, the committee said.

“If the government wishes to include future market access on favourable terms as part of the discussions on the withdrawal agreement, it is likely to prove impossible to do so without also reaching agreement on the issue of the budget,” it said.

“The political and economic consequences of the UK leaving the EU without responding to claims under the EU budget are likely to be profound.”

KYLIE MACLELLAN

Comments Whatsapp Twitter Facebook Share
More From The News
Sports

Odd-Looking Ronaldo Bust Steals the Show ...

7 hours ago
World

Iraqi Officials: Suicide Truck Bombing K ...

7 hours ago
Business

U.S. Stock Indexes Close Mostly Higher; ...

7 hours ago
Mexico

Mexico's Governors Tap Investors in Chin ...

8 hours ago
Most Popular

At Least Five Demonstrations will Affect ...

By Notimex
Mexico

Chihuahua's Subsitute Deputy Hides out a ...

By The News
Mexico

Amparo in Response to the Gasolinazo

By Hortensia Gutiérrez
Mexico

Nayarit State Prosecutor Accused of Drug ...

By The News
Mexico

Peña Nieto Will Defend Latin America Int ...

By The News
Mexico