Air Freight News

EU says U.K. owes 47.5 billion Euros for post-Brexit payment

The European Union concluded that the U.K. owes it 47.5 billion euros ($56.2 billion) as part of the Brexit settlement, a higher figure than the U.K. had originally estimated.

The EU assessment, which was published in a budget document, is aimed at accounting for the U.K.’s ongoing commitments to EU programs it’s still benefiting from, as well as other obligations to the bloc. The bulk of funds are due to the EU in the coming years.

The accounting could trigger new discussions with the U.K., which estimated in 2018 that the total bill would amount to 41.4 billion euros. But an EU spokesperson said the estimate is final and there is no indication the amount will be contested, adding that the British government has already paid the first installment of its bill for this year.

The EU said that for 2021, the U.K. payment should total 6.8 billion euros, with the rest to be paid later. Some payments to the EU could continue for liabilities such as the pensions of officials for several decades, the U.K. government has acknowledged.

The two sides continue to bicker over a number of issues related to the U.K.’s withdrawal from the EU. Late last month, officials postponed for thee months a clash over British companies selling chilled meats to Northern Ireland as they continue to negotiate new trade rules for the region.

Bloomberg
Bloomberg

{afn_job_title}

© Bloomberg
The author’s opinion are not necessarily the opinions of the American Journal of Transportation (AJOT).

Similar Stories

S&P Global: 2025 U.S. transportation infrastructure sector should see generally steady demand and growth

S&P Global Ratings today said it expects activity in the U.S. transportation sector will continue to normalize in 2025, with growth rates for most modes of transportation slowing to levels…

View Article
https://www.ajot.com/images/uploads/article/tiffany_3_displayed.jpg_copy_.jpg
CBP officers seize counterfeit Tiffany & Co. jewelry
View Article
AAFA applauds USTR on the 2024 Review of Notorious Markets for Counterfeiting and Piracy report

Reiterates need for accelerated efforts to stop dangerous fakes

View Article
https://www.ajot.com/images/uploads/article/trad1124-01.png
U.S. international trade in goods and services, November 2024
View Article
https://www.ajot.com/images/uploads/article/ITS_Logistics_Logo.png
Mexico announces increased tariffs on apparel imports, forcing a “scramble” to reshore operations in the United States
View Article
CPA applauds Biden Administration action to block Nippon Steel’s purchase of U.S. Steel

The Coalition for a Prosperous America (CPA) commends President Biden’s decisive action to block Nippon Steel’s $14.9 billion bid to acquire U.S. Steel. This decision reflects a necessary commitment to…

View Article