Biggest divorce settlement ever: U.K. will pay E.U. billions for Brexit

Biggest divorce settlement ever: U.K. will pay E.U. billions for Brexit

- in Business
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Britain has offered to pay much of what the European Union was demanding to settle a Brexit “divorce bill,” bringing the two sides close to agreement on a key obstacle to opening talks on a future free trade pact, E.U. sources said on Tuesday.

British newspapers valued the offer at around 50 billion euros — or $59 billion. It reflected the bulk of outstanding E.U. demands that include London paying a share of post-Brexit E.U. spending on commitments made before Britain leaves in March 2019 as well as funding of E.U. staff pensions for decades to come.

A British government official said they “do not recognize” this account of the talks going on ahead of a visit by Prime Minister Theresa May to Brussels on Monday.

Europe’s chief Brexit negotiator said Wednesday that he hoped to report to the E.U. in coming days about an agreement with Britain on the financial terms of its withdrawal from the bloc.

“We are working really, really hard on these subjects,” Michel Barnier said, adding: “I hope that I can report that … we have been able to negotiate a deal.”




Image: David Davis and Michel Barnier

E.U. Chief Negotiator Michel Barnier (right) meets with Britain’s Brexit Minister David Davis in July.