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Michel Barnier EC

European Commission expects the UK to cover the costs of Brexit

The European Commission (EC) expects the UK to cover the costs of Brexit. The cost includes the relocation of the agencies currently on the island, and extraordinary high-level meetings, missions and negotiations. Brussels also minimizes currency risk, expecting London to fulfill this obligation by paying in EUR, became clear from document of the European Commission.

The negotiating guidelines among the priorities also include protection for EU citizens and businesses in the UK. Overall, the position is that leaving the community will not be cheap.

“There are no penalties when one country leaves the EU. There is no price to pay, but we have to fix the bill”, said the Chief Negotiator on behalf of the European Commission, Michel Barnier.

However, the prepared documents show the opposite and, according to previous estimates, the UK will owe 60 billion EUR due to its long-term obligations to the EU after leaving the community.

Brexit will be debated by leaders of the 27 EU countries (excluding the UK) at an extraordinary meeting in Brussels scheduled for April 29. A negotiation plan with London must also be prepared. Several days earlier, on April 26, the EC President Jean-Claude Juncker will be in London at the invitation of British Prime Minister Theresa May to discuss the activation of Article 50 of the EU Treaty. He will be accompanied by Michel Barnier.

The European Commission will represent the countries in the talks with London for Brexit. There will be no bilateral negotiations in this direction. The agreement that the EC will achieve must be approved by the European Parliament. The start of negotiations is likely to be delayed due to the early elections to be held in the UK on June 8. The Brexit process should take two years, but this deadline can be extended with the consent of the EU countries.

About Viliyana Filipova

Viliyana Filipova is 27 year-old girl from Varna, Bulgaria. She is founder and Chief Editor of Finance Apprise Journal, working also as analyzer on the world finance and commodity markets.

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