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In October 2021, the UK government's Office of Budget Responsibility calculated that Brexit would cost 4% of GDP per annum over the long term. [51] 4% of 2021 UK GDP is the equivalent of a £32 billion cost per annum to the UK taxpayer. [52] After rebates, the UK's EU membership fee in 2018 was £13.2 billion. [53]
The UK rebate (or UK correction) was a financial mechanism that reduced the United Kingdom's contribution to the EU budget in effect since 1985. It was a complex calculation which equated to a reduction of approximately 66% of the UK's net contribution – the amount paid by the UK into the EU budget less receipts from the EU budget.
The cost of Brexit is still being determined, but the government watchdog estimates that the economy will take a 15 per cent hit to trade in the long term, while experts suggest that the UK has ...
£8.9bn (€10.1bn) towards the UK's contribution to the EU budget to December 2020 (after offsetting for the UK rebate); £20.5bn (€23.9bn) towards the Reste à Liquider ; and £0.7bn (€0.8bn) for other financial liabilities, being an estimate for pension liabilities of €8.7bn offset by other assets totalling €7.8bn.
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The gross contribution is the amount the UK would pay under the standard formula before any discounts and rebates. At the time of the Brexit vote, the UK received a 40% discount from the gross contribution which was negotiated by Margaret Thatcher in the 1980s (worth about £144 million) plus various agricultural, economic development and ...
The UK government intensified its efforts to respond to the cost-of-living crisis in May 2022, with a £5 billion windfall tax on energy companies to help fund a £15 billion support package for the public. The package included every household getting a £400 discount on energy bills, which would be in addition to a £150 council tax refund the ...