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Brexit extension: How much will it actually cost Britain to leave the EU?

The final figure is yet to be determined, both because of uncertainties over future developments - including of course the date when the UK actually leaves the EU

Theresa May, Britain, Brexit
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Payments from the UK to the EU will continue for many years into the future (up to the 2060s). File photo: Britain's Prime Minister Theresa May.

Jonathan Perraton | The Conversation

EU leaders have agreed a short extension to Brexit until October 31 at the latest, in order to give the British parliament time to agree a deal. This date avoids the UK still being a member when the next EU budget cycle starts – but what does it mean for the “divorce bill”, the money the UK will pay the EU after its departure?

The withdrawal agreement, which provides the legal framework for the UK’s exit from the European Union, includes arrangements to determine its financial settlement with the EU.

The essential principles of the financial settlement have been