UK and EU agree Brexit divorce bill: UK newspapers

[webfact]

UK and EU agree Brexit divorce bill: UK newspapers

 

Tourist binoculars offer users the chance to pay in Pounds or Euros in the British overseas territory of Gibraltar, historically claimed by Spain, April 20, 2017. REUTERS/Phil Noble

 

LONDON (Reuters) - Britain and the EU have reached agreement on a Brexit divorce bill which is likely to finally total around 50 billion euros, British newspapers reported on Tuesday, potentially heralding a breakthrough in the negotiations.

 

A deal on the bill would signal that London and Brussels are moving much closer to an agreement at a Dec. 14-15 summit to advance to a new phase in their negotiations and discuss their post-Brexit trade relationship.

 

The Daily Telegraph newspaper said an agreement in principle had been reached over the EU's demand for a 60 billion euro ($71 billion) financial settlement. It said the final Brexit bill, which was deliberately being left open to interpretation, would be between 45 and 55 billion euros.

 

A government official cast doubt on the reported numbers, saying: "I do not recognise this account of the negotiations".

 

The Financial Times said Britain had agreed to assume EU liabilities worth up to 100 billion euros, but said net payments over many decades could fall to less than half that amount.

 

The European Commission declined to comment on the reports.

 

Britain's Brexit ministry said "intensive talks" were continuing to take place in Brussels and the two sides were trying to find a way to "build on recent momentum in the talks" to take them to the next stage.

 

Sterling <GBP=> rallied around 1 percent against the U.S. dollar as investors took the reports as a sign that the risk of Britain leaving the EU without a deal, which is widely seen as damaging to the economy, had diminished.

 

The two sides already believe they are quite close on agreeing the scope of rights for expatriate citizens in Britain and on the continent.

 

The third key issue for moving to Phase Two, an outline agreement on how to avoid the new EU-UK land border disrupting trade and peace in Northern Ireland, remains a potential stumbling block.

 

British Prime Minister Theresa May is due to meet President of the European Commission Jean-Claude Juncker and the EU's chief Brexit negotiator Michel Barnier on Monday.

 

The EU says any British move needs to come by around that date if leaders at the Dec. 14-15 summit are to be able to endorse a move to discussions on future trade relations.

 

(Reporting by Guy Faulconbridge and Elizabeth Piper,; editing by Andy Bruce and Gareth Jones)

 

-- © Copyright Reuters 2017-11-29

[steve187]

wait and see

[Get Real]

1 hour ago, webfact said:

between 45 and 55 billion euros

I guess we can estimate 55 then! Congratulations UK, that was a cheap break. I wounder where that sum is going to affect the economy? 

[Grouse]

The Benefits from Brexit must be HUGE! I wonder what they are?

[edwinchester]

19 minutes ago, Grouse said:

The Benefits from Brexit must be HUGE! I wonder what they are?

Well the Indian Govt are insisting on the UK accepting more immigrants as part of a trade deal......does that count?

[terryw]

There is two ways to look at this deal.

Firstly, it could be argued that if we had stayed in the EU then we would have had to pay this money.

Secondly, if we the does not give us a reasonable deal then we have this money to do other things with such as investing in our public services, whilst the EU will resort to in fighting.

The Irish are still trying to be awkward because they want their 15 minutes of fame, but money always talks.

[boomerangutang]

I've known divorces, where the ex-husband sneaks back and gets one more boom-boom, for olde tymes sake.  Will there be any fiddling around thrusting going on after the 'divorce' btwn Beefeaters and EU?

[bert bloggs]

51 minutes ago, edwinchester said:

Well the Indian Govt are insisting on the UK accepting more immigrants as part of a trade deal......does that count?

If we took any more India would be empty ,most of them live in the UK already .

[simoh1490]

I wonder what the payback period is on 50 bill Euro's, assuming the value of the economy remains the same after Brexit as it was before Brexit, which is poor by the way. The thing is though when you already owe £1.56 billion and the cost of servicing that debt is already £43 billion per year (assuming todays interest rates), another 50 or 60 billion is nothing really, just a drop in the ocean as it were.

[sanuk711]

19 minutes ago, Get Real said:

I wounder where that sum is going to affect the economy?

To be paid off over "Many Decades" and as pointed out, if we stayed we would still be paying into the EU

.

It probably wont affect Britain as much as the debt the had to pay off to America for "Helping" us with the war effort--which took us up until 2006 to pay back and which in real terms was so much much bigger than this EU debt......a 1945 21billion payback to America is  $285,583,666,666.67  two hundred and eighty five Billion before the interest (yes we had to pay that as well) in today's money.....so now we have paid "our friends" back---we can pay the EU off.

[shaurene]

Bloody Traitors to the UK people. They gave in to them. If we had a referendum for the people to decide you can bet it would be to pay the the EU ransom they demand NOTHING AND JUST WALK AWAY. The EU would come to us after a year or so to beg for trading with them.

[simoh1490]

3 minutes ago, shaurene said:

Bloody Traitors to the UK people. They gave in to them. If we had a referendum for the people to decide you can bet it would be to pay the the EU ransom they demand NOTHING AND JUST WALK AWAY. The EU would come to us after a year or so to beg for trading with them.

Fortunately, most people in the UK understand that to simply walk away from the EU and pay nothing, a truly hard Brexit, means that the UK economy would take a long deep dive.

[whatsupdoc]

28 minutes ago, shaurene said:

Bloody Traitors to the UK people. They gave in to them. If we had a referendum for the people to decide you can bet it would be to pay the the EU ransom they demand NOTHING AND JUST WALK AWAY. The EU would come to us after a year or so to beg for trading with them.

Then do so. What could possibly go wrong?

[Enoon]

37 minutes ago, shaurene said:

Bloody Traitors to the UK people. They gave in to them. If we had a referendum for the people to decide you can bet it would be to pay the the EU ransom they demand NOTHING AND JUST WALK AWAY. The EU would come to us after a year or so to beg for trading with them.

 

As was predictable, the ones who voted for it are the first ones to start squealing about the real consequences.

 

A lot more squealing to come from you and your mates.

 

Must get to work printing those "Told You So" T-shirts.

 

 

 

Edited November 29, 2017 by Enoon

[boomerangutang]

1 hour ago, simoh1490 said:

I wonder what the payback period is on 50 bill Euro's, assuming the value of the economy remains the same after Brexit as it was before Brexit, which is poor by the way. The thing is though when you already owe £1.56 billion and the cost of servicing that debt is already £43 billion per year (assuming todays interest rates), another 50 or 60 billion is nothing really, just a drop in the ocean as it were.

         Is Brit debt £43 billion/yr?  Wow, that's comparatively as bad as the US.  Personally, I have zero debt and I encourage my kids and step-kids to be similarly responsible.    Debt is debilitating.  US's and UK's leaders never learned that - to the detriment of their countrymen, women and children. 

 

      I'd rather drive a 17 yr old p.u. (worth $900) that's paid for, than a new Mercedes that sells for $55k, but winds up costing $100k after monthly payments.  Both go down the road.  One carries loads, the other doesn't.  One is at danger of getting stolen, the other isn't.  One needs hundreds of dollars to fix a dent, the other, ....mai pen rai.

[simoh1490]

1 minute ago, boomerangutang said:

         Is Brit debt £43 billion/yr?  Wow, that's comparatively as bad as the US.  Personally, I have zero debt and I encourage my kids and step-kids to be similarly responsible.    Debt is debilitating.  US's and UK's leaders never learned that - to the detriment of their countrymen, women and children. 

 

      I'd rather drive a 17 yr old p.u. (worth $900) that's paid for, than a new Mercedes that sells for $55k, but winds up costing $100k after monthly payments.  Both go down the road.  One carries loads, the other doesn't.  One is at danger of getting stolen, the other isn't.  One needs hundreds of dollars to fix a dent, the other, ....mai pen rai.

£43 bill is the interest payment per year.

[steve187]

1 hour ago, simoh1490 said:

I wonder what the payback period is on 50 bill Euro's, assuming the value of the economy remains the same after Brexit as it was before Brexit, which is poor by the way. The thing is though when you already owe £1.56 billion and the cost of servicing that debt is already £43 billion per year (assuming todays interest rates), another 50 or 60 billion is nothing really, just a drop in the ocean as it were.

should that be 1.5 trillion but i think now 1.9 increases by £5,172 per second

[Get Real]

1 hour ago, sanuk711 said:

To be paid off over "Many Decades" and as pointed out, if we stayed we would still be paying into the EU

.

It probably wont affect Britain as much as the debt the had to pay off to America for "Helping" us with the war effort--which took us up until 2006 to pay back and which in real terms was so much much bigger than this EU debt......a 1945 21billion payback to America is  $285,583,666,666.67  two hundred and eighty five Billion before the interest (yes we had to pay that as well) in today's money.....so now we have paid "our friends" back---we can pay the EU off.

The payment to the US is only fair and square. You know you weren´t as big as it would having been needed to win the war without help. That´s when you barried your arse in the4 sand the first time.
Now comes the second..... To be Continued of the pound will fall deeper and deeper, and you will complain over smaller money in Thailand and very expensive beer. Must be nice to always have something to be disappointed at. It´s the way of the nature in UK, I´ve heard. 

 

1 hour ago, shaurene said:

Bloody Traitors to the UK people. They gave in to them. If we had a referendum for the people to decide you can bet it would be to pay the the EU ransom they demand NOTHING AND JUST WALK AWAY. The EU would come to us after a year or so to beg for trading with them.

Best idea ever! See to that you get it done as quick as possible. I´ve always believed that the pound should have a value of about 15 times to the Bath. You´re one the way to make my dreams reality. Thanks, dude! 

[boomerangutang]

It's such a relief to not be a slave to money.  .....to not worship the golden calf of money.

 

I go several days at a time, without going to town, without spending 1 satang, ....not even for rent (built my house 2 decades ago without borrowed money).

 

During Bill Clinton's presidency, the US came out of debt for only the 2nd time in its history - so it's not impossible.  Can the Brits get themselves out of debt?  They're supposed to be such crafty world-class bankers....   well, that's probably the root problem there.  Their bankers and politicians are fixated on running up as much debt as possible.   Debt is profitable for credit card companies and bankers.   Probably for politicians also, otherwise, why would they be so eager to run up debt.

[Bundooman]

3 hours ago, edwinchester said:

Well the Indian Govt are insisting on the UK accepting more immigrants as part of a trade deal......does that count?

A better idea would be to negotiate a good trade deal based on a 'possible' continuation of the current level of monetary aid given to this Nuclear owning nation by the UK - without more immigrants!

 

Better still - a proper and realistic trade agreement based on what each country and provide the other with - without India begging aid or supplying more immigrants!

[simoh1490]

1 hour ago, steve187 said:

should that be 1.5 trillion but i think now 1.9 increases by £5,172 per second

Well spotted that man.......indeed, trillions!

[edwinchester]

14 minutes ago, Bundooman said:

A better idea would be to negotiate a good trade deal based on a 'possible' continuation of the current level of monetary aid given to this Nuclear owning nation by the UK - without more immigrants!

 

Better still - a proper and realistic trade agreement based on what each country and provide the other with - without India begging aid or supplying more immigrants!

The EU has been trying to negotiate a free trade deal with India since 2007 and talks are painfully slow almost stagnant.

India has one of the fastest growing economies in the world and trades despite the barriers in place.

It does not need a deal with the UK on the UK's terms and can play the waiting game as good as any Asian.

[Bundooman]

5 minutes ago, edwinchester said:

The EU has been trying to negotiate a free trade deal with India since 2007 and talks are painfully slow almost stagnant.

India has one of the fastest growing economies in the world and trades despite the barriers in place.

It does not need a deal with the UK on the UK's terms and can play the waiting game as good as any Asian.

Until the monetary aid stops..........................

[edwinchester]

14 minutes ago, Bundooman said:

Until the monetary aid stops..........................

In the world of multi billion £ trade deals the amount the UK gives India annually, between 40 and 100 million, is insignificant.

[Grouse]

2 hours ago, boomerangutang said:

         Is Brit debt £43 billion/yr?  Wow, that's comparatively as bad as the US.  Personally, I have zero debt and I encourage my kids and step-kids to be similarly responsible.    Debt is debilitating.  US's and UK's leaders never learned that - to the detriment of their countrymen, women and children. 

 

      I'd rather drive a 17 yr old p.u. (worth $900) that's paid for, than a new Mercedes that sells for $55k, but winds up costing $100k after monthly payments.  Both go down the road.  One carries loads, the other doesn't.  One is at danger of getting stolen, the other isn't.  One needs hundreds of dollars to fix a dent, the other, ....mai pen rai.

Is your name Ebenezer? 

 

I am the ghost of Christmas yet to come. How's Bob Cratchit BTW?

Edited November 29, 2017 by Grouse

[ilostmypassword]

1 hour ago, boomerangutang said:

It's such a relief to not be a slave to money.  .....to not worship the golden calf of money.

 

I go several days at a time, without going to town, without spending 1 satang, ....not even for rent (built my house 2 decades ago without borrowed money).

 

During Bill Clinton's presidency, the US came out of debt for only the 2nd time in its history - so it's not impossible.  Can the Brits get themselves out of debt?  They're supposed to be such crafty world-class bankers....   well, that's probably the root problem there.  Their bankers and politicians are fixated on running up as much debt as possible.   Debt is profitable for credit card companies and bankers.   Probably for politicians also, otherwise, why would they be so eager to run up debt.

No, the US did not come out of debt during Bill Clinton's presidency. The budget was slightly positive towards the end but the debt did not disappear. What's more, the UK for several hundred years has been in debt and for most of that time seems to have been doing okay. There are so many flaws in the argument comparing personal finances to government finances. 

[dick dasterdly]

I look forward to the Brit. govt. explaining how this reported, promised payment has been calculated - whilst having no doubt that nothing of the sort will ever be produced.....

 

To look on the bright side, perhaps a good trade agreement has already been mostly agreed behind closed doors - hence the reportedly 'agreed' divorce payment?

[ilostmypassword]

Just now, dick dasterdly said:

I look forward to the Brit. govt. explaining how this reported, promised payment has been calculated - whilst having no doubt that nothing of the sort will ever be produced.....

 

To look on the bright side, perhaps a good trade agreement has already been mostly agreed behind closed doors - hence the reportedly 'agreed' divorce payment?

And not even a hint of such a trade negotiation has been leaked to the press? Wishful thinking much?

[mlmcleod]

The main reason for Brexit was English fear of immigrants.  If the Irish border remains free and open, what's to stop immigrants from just crossing the Irish border? I think Ireland will have a wave of new immigrants just to cross the border.  I doubt that the back door can remain open as the Irish wish.

[Baerboxer]

4 hours ago, edwinchester said:

Well the Indian Govt are insisting on the UK accepting more immigrants as part of a trade deal......does that count?

 

Maybe it's time to stop all that aid to India.