£50bn bill to leave the EU? They owe us money, says IDS
BRITAIN will seek to get its money back from the European Union – instead of paying to leave – under plans being considered by Cabinet ministers.
European leaders have warned the UK it faces a divorce bill of up to £50 billion for commitments and pension liabilities. However, The Daily Telegraph understands that officials are drawing up a register of the UK’s assets in the EU as part of negotiations.
It comes after an influential House of Lords committee concluded that the Government was not legally obliged to pay Brussels anything. Officials believe that the UK is entitled of £9 billionworth of funds currently held by the European Investment Bank. Separate analysis suggests the UK is entitled to a further £14 billion in EU property, cash and other investments.
Iain Duncan Smith, the Tory MP, said: “We own a chunk of the EU; we don’t owe them any money. They are petrified that in two years’ time we will pull out and they will lose the second highest donor to the Budget.”
Boris Johnson, the Foreign Secretary, last month invoked Margaret Thatch- er’s success in securing the rebate when asked about the prospect of a divorce bill. He said: “I think you can recall the 1984 Fontainebleau summit in which Mrs Thatcher said she wanted her money back and I think that is exactly what we will get.”
It comes after the EU made a significant climbdown in the wake of Theresa May triggering Article 50.
European leaders conceded that the EU and the UK did not have to reach an agreement on the divorce bill before Brexit talks begin.