Apr 20, 2018

Brexit divorce cost uncertain, say auditors

The total cost of the Brexit "Divorce" bill remains uncertain, auditors say, as much depends on future events. The exchange rate - the final settlement will be paid in euros and the Treasury's estimate was based on the exchange rate in place when the agreement was reached, in December 2017 The UK's future economic performance - how much the UK pays into the EU budget in 2019 and 2020 is calculated on its economic performance compared with that of other member states. The NAO adds that some costs are not included in the estimate - such as a commitment to the European Development Fund, expected to cost £2.9bn, because it was not established under EU treaties. Head of the NAO Amyas Morse said the Treasury's estimate "Reflects a number of moving parts, so the range of costs in it could have been wider than £35bn to £39bn". But he added: "Overall we think it is a reasonable estimate." "The NAO have confirmed the cost of divorce, whilst likely to be in the government's stated range of £35bn to £39bn, could be higher."

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