EU Budget: Contributions
The question
To ask the Chancellor of the Exchequer, whether he has made an estimate of the cumulative saving from contributions to the European Union as a consequence of Brexit.
Answered by Treasury
The Government has not made an estimate of the cumulative saving from contributions to the European Union as a consequence of the UK's withdrawal from the EU.
It is not possible to accurately estimate the hypothetical contributions that the UK would have made had it remained a Member State of the European Union. Strategies and policies budgeted and implemented by the EU since we left may have been opposed or veto-ed had we remained an EU Member State.
As part of the Withdrawal Agreement, the UK and the EU agreed the Financial Settlement, which sets out the methodology for settling financial obligations arising from the UK's period of EU membership. Information on payments made under the Financial Settlement is published in HM Treasury’s annual European Union Finances Statement.
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