BRITAIN will not stop handing Brussels cash until 2064 as Philip Hammond reveals we will keep investing into EU pensions for another 45 years.
Included in the he Chancellor’s Spring Statement was the proclamation that the final Brexit check will be £37billion.
But despite leaving the confederation in Mar 2019 the Office for Budget Responsibility predicts we will palm over £3billion in 2023, 4 years after we leave.
The agreement on the first proviso of the Brexit negotiations in Dec saw the Government determine to compensate an exit check – approaching to be between £35billion and £39billion.
Published alongside Mr Hammond debate to the House of Commons is a report from the central forecaster which says the allotment comes in 3 parts.
They said: “Just under half reflects the UK stability to make payments as yet we were still a Member State during the stream Multiannual Financial horizon that ends in Dec 2020.”
In the Spring Statement, Philip Hammond announced:
- The UK economy is growing faster than expected, with expansion of 1.5 per cent foresee for 2018
- National debt is about to start descending as a share of the economy as the Government no longer borrows cash for day-to-day spending
- The mercantile gains will concede him to increase spending later this year
- Average wages will finally start to arise above acceleration by the autumn
- Ministers will consult on a new spawn tax and provide relief for tiny firms
- Tech giants could face taxation changes which will see them finally profitable their transport share
That is the partial famous as the “EU Budget”, of which the UK is the forth-highest grant after Germany, France and Italy, and was last set in 2014 to run until 2020.
The OBR pronounced around half of the check will be used to meet the rest of the share of superb payments, paid over the eight years after that in what is famous as “reste à liquidier”.
And it pronounced the remaining fragment “reflects grant liabilities”, which Brussels has demanded the UK keeps profitable – which it is likely will meant we have to keep handing cash to Brussels until 2064.