UK Ready to Pay €40b to Leave European Union

UK Ready to Pay €40b to Leave European UnionUK Ready to Pay €40b to Leave European Union

Britain is prepared to pay up to €40 billion (36.12 billion pounds) as part of a deal to leave the European Union, the Sunday Telegraph newspaper reported, citing three unnamed sources familiar with Britain's negotiating strategy.

The European Union has floated a figure of €60 billion and wants significant progress on settling Britain's liabilities before talks can start on complex issues such as future trading arrangements, Reuters reported.

The government department responsible for Brexit talks declined to comment on the Sunday Telegraph article. So far, Britain has given no official indication of how much it would be willing to pay. The newspaper said British officials were likely to offer to pay €10 billion a year for three years after leaving the EU in March 2019 and then finalize the total alongside detailed trade talks.

Payments would only be made as part of a deal that included a trade agreement, the newspaper added.

"We know (the EU's) position is €60 billion, but the actual bottom line is €50 billion. Ours is closer to €30 billion but the actual landing zone is €40 billion, even if the public and politicians are not all there yet," the newspaper quoted one "senior Whitehall source" as saying.

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