Like drinks round, UK must pay its dues to EU Budget: European Commission

UK is to formally ask in March to leave EU, starting a two-year negotiation of divorce

brexit, UK, Britain, EU
A Union flag flies next to the flag of the European Union
Reuters Brussels
Last Updated : Feb 07 2017 | 8:41 PM IST
Britain must honour the financial commitments it has made to the European Union (EU) Budget just like friends buying rounds of drinks in a bar should not leave before paying, the spokesman for the European Commission Margaritis Schinas said on Tuesday.

Britain is to formally ask in March to the leave the EU of 28 countries, starting a two-year negotiation on the terms of the divorce, which will include London's financial commitments to the EU made in the past.

"During the time of its membership the United Kingdom has taken and probably will take financial commitments and they should be honoured in full," Schinas said.

"This will be an essential element of the negotiations on the orderly separation. As all commitments are taken jointly, if they are not paid by the UK, they other 27 member states will have to foot the bill," he said.

"It is like going to a pub with 27 friends. You order a round of beer, but then you cannot leave while the party continues. You still need to pay for the round you ordered," he said.

EU officials expect talks on how much and for how long Britain will have to pay the EU to meet its obligations to be among the most controversial in the whole process. The figure mentioned informally by EU officials is up to 60 billion euros ($64 billion).
*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Feb 07 2017 | 8:41 PM IST

Next Story