Public Finance: Brexit
The question
To ask the Chancellor of the Exchequer, with reference to the Answer of 12 April 2024 to Question HL3689 on EU Budget: Contributions, if she will make an estimate of the impact of the UK's withdrawal from the EU on the public finances in financial years (a) 2024-25 and (b) 2025-26.
Answered by Darren Jones
Since the previous response on 12 April 2024 to Question HL3689 on EU Budget Contributions, the UK has received two invoices from the EU relating to the Financial Settlement under the Withdrawal Agreement, which was agreed by the then previous government in 2020 . The April invoice, paid between June 2024 and September 2024, was a €1,413,436,944 receipt to the UK. The September invoice, paid between October 2024 and May 2025, was a €1,791,580,305 payment from the UK to the EU. Each invoice is paid in equal monthly instalments. In the next iteration of the EU Finances Statement, expected in Spring 2025, HM Treasury will publish details of UK payments under the Financial Settlement in 2024 and its latest estimate for outstanding UK liabilities as at 31st December 2024.
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