Public Finance: Brexit
The question
To ask the Chancellor of the Exchequer, what assessment her Department has made of the impact of the UK's exit from the EU on public finances.
Answered by Tulip Siddiq
The Government has no overall estimate of the impact of the UK’s exit from the EU on public finances.
As part of the Withdrawal Agreement with the EU, the UK agreed the Financial Settlement, which is a methodology for settling pre-existing UK financial obligations to the EU. The European Union Finances Statement 2023 (available in the library of the House and on Gov.uk) sets out HMT Treasury’s estimates of the size of these obligations. As at December 2023, the UK is estimated to have paid £23.8bn (€27.4bn) in net liabilities to date as part of the EU financial settlement. Estimated UK outstanding net liabilities as of December 2023 were £6.4bn (€7.4bn).
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