British FM: €100 billion too much for Brexit

British Foreign Minister Boris Johnson said on Tuesday he thought 100 billion euros ($118 billion) was too much to pay for leaving the European Union.

“The figure I heard was 100 billion euros ... I think that’s too much,” he said in Parliament, referring to previous reports that the EU was seeking a settlement in that region. The EU has not set a firm amount for Britain but EU officials have suggested it should be around 60 billion euros, Reuters reported.

EU Commission chief Jean-claude Juncker said Friday that Britain must “pay” for its financial commitments to start Brexit trade talks.

The EU says Britain has to make sufficient progress on three divorce issues – the bill, the rights of EU citizens in Britain, and Northern Ireland – before opening the trade negotiations London wants.

EU sources have put the budgetary commitments it says Britain owes at around 100 billion euros ($118 billion), while Britain says the true figure is about one-fifth of that.

British Prime Minister Theresa May and Juncker agreed over dinner in Brussels on Monday that the pace of negotiations over Britain’s departure from the European Union should be stepped up, Reuters reported.

A joint statement described a “constructive and friendly” two-hour meeting, during which they “reviewed the progress made in the Article 50 negotiations so far and agreed that these efforts should accelerate over the months to come”.