UK will be paying Brexit ‘divorce bill’ until 2064, says Treasury watchdog

Britain will be paying its Brexit “divorce bill” until 2064, the Treasury watchdog says – 45 years after departure day.

The Office for Budget Responsibility puts the cost of the financial settlement with Brussels at £37.1bn, in line with the figure quoted by Theresa May.

For the first time, the OBR estimates how long Britain will be settling it debts, suggesting the bill will not be paid in full until 2064.

And it says more will be paid out each year than Britain recoups in realising its share of assets from membership from 2030 and for the following 34 years.

Although the annual payments are small from the middle of the next decade, the scenario is likely to anger some Brexiteers, not least because they are largely to fund the pensions of EU officials.

In its verdict on the Spring Statement, the OBR said it still lacked a “meaningful basis to predict the precise outcome of the current negotiations with the EU”.

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