REVEALED: The ACTUAL date when Britain SAVES money from leaving the EU
BREXIT will not benefit the UK financially for nearly a decade after Britain voted to unshackle itself from the clutches of the European Union, calculations suggest.
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With Britain forced to pay into the Brussels’ budget unil 2020, and fork out for an eye watering divorce bill, it will take until June 2025 before the UK breaks even from its costly membership of the EU.
That is a wait of nearly nine years to the day before the UK can see an additional £165million per week in its budget – enough to fund 100,000 extra teachers AND 96,000 additional nurses.
The numbers are based on the UK’s annual net contribution to the EU in 2016, which stands at £8.6billion according to the Treasury.
The European Commission stated today Britain is likely to pay £39billion in a final divorce settlement, with the nation ordered to continue paying into Brussels coffers until December 31 2020.
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It will take until June 2025 before the UK breaks even from its costly membership of the EU
The payment will break down into three separate categories covering the rest of the European Union's current budgetary period, future commitments and liabilities such as pensions.
Britain will pay up to £16billion to cover its final contributions to the EU budget after Brexit, £20billion for other already-agreed projects and £3billion for EU staff liabilities, like pensions.
The UK will cease to pay in any funds, excluding contingent liabilities for which estimates are included in the £39billion settlement, from January 1 2021.
So it will effectively take four-and-a-half years from the date that Britain stops contributing to EU coffers in December 2020 for the UK to scrape back that £39billion, based on the current net contribution of £8.6billion.
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And from June 2025 the UK becomes financially free and clear from the EU - effectively saving every British taxpayer the equivalent of £293.52 per year, or 80p-a-day.
The date was calculated after Theresa May and Jean-Claude Juncker this morning agreed a 15-page pact, which covers the projected £39billion divorce bill settlement, citizens rights and Ireland.
But the European Commission’s Brexit negotiator Michel Barnier refused to offer any clarity on the Brexit divorce bill saying he did not have the figures because it was not possilbe to do so.
When he was quizzed over exactly how much Britain was set to cough up, the Frenchman told a press conference: "I’ve never quoted any figures so I’m not going to start today. It’s not political, it’s because we can’t actually calculate exactly the figures concerned."
But Downing Street has since confirmed the £35-£39billion figure, saying they "would look at it as a fair settlement of our obligations”.
