Business World

Wednesday 11 December 2019

EU budget row: UK gets deal to pay £850m of £1.7bn demanded

Chancellor of the Exchequer George Osborne
Chancellor of the Exchequer George Osborne

Britain is to pay £850m of the £1.7bn demanded from the European Union, UK Chancellor George Osborne has said.

The payment will be made in two instalments in the second half of next year - after the general election - without the imposition of punitive interest charges.

Mr Osborne said the UK would get its full annual rebate on contributions to the EU budget - usually worth around £3bn - which would be paid upfront.

Following a meeting with fellow EU finance ministers in Brussels, Mr Osborne said in a series of messages on Twitter that the original bill was "unacceptable".

He added: "Now we've halved the bill, delayed the bill and no interest on the bill. Result for Britain.

"We'll get full British rebate - paid upfront. We will pay c£850m total, in instalments in second half of next year."

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