EU Commissioner has warned the UK about a hefty Brexit bill. He has warned the UK about two years of tough negotiations between the EU and the UK government.
He also said that Britain must not expect the exist to be easy. Brexit is going to come at a cost, said Jean-Claude while speaking to the Belgian Federal Parliament.
Many reports have suggested that UK might have to pay the EU up to 60 billion Euros once this starts.
House of Lords Discusses the Brexit Bill
The comments by Jean-Claude came after the House of Lords discussed the European Union Bill for the second day. If the bill gets passed after successfully going through discussion, it will allow the PM to the UK Theresa May to trigger Article 50.
The PM of the UK is expected to trigger Article 50 before the end of March 2017. The said EU negotiations would approximately take two years to complete.
The Discussion on Brexit Bill Cost for the UK
There is an ongoing discussion about the cost to be presented to Theresa May for the Brexit Bill. The costs will cover UK’s share of the expenses for projects and programs for which it signed as an EU member. The costs are also said to cover EU officials pensions.
Why are Brexit Bill Negotiations Tough?
There is going to be a lot of discussion on various treaties and agreements. The negotiations are going to be tough because this is the first exit by any country out of the EU. There are 30 regional and national parliaments of the European countries involved in the post-Brexit trade deal. Some of these parliaments may opt to hold referendums on various issues.
Ther is a clear contradiction between the member countries about sharing the costs of Britain’s exit from the EU. Some of the countries representatives share the view of sharing the costs with others. There are others who say that the UK must bear all the costs of this bill.
An earlier meeting by Michael Barnier suggested that Britain must pay the amount it owes to the EU in installments by 2023. The payments are aimed to help fill the 10 billion Euros yearly budget deficit because of Britain’s departure.
Brexit has been a thorny issue for the UK public as well as the government officials. The referendum narrowly favored the voters who wanted to get out of the EU. Many experts have warned of the economic costs for the UK for getting out of the EU.
