LATEST NEWS

"Hard" Brexit and the Projected Belgian Community Budget Increase

In the event of a “hard” exit from the European Union by the United Kingdom, Belgian contributions to the EU budget would be expected to increase by millions of euros.

Why?

The United Kingdom’s financial liabilities to the EU are quantified as a so-called “exit fee” which would have implications for countries in the EU in terms of increased budget.

According to the University of Ghent economist Herman Matthijs’ budgetary analysis published on 24/06/2019, if the UK left Europe without paying their bill, Belgium would be due to pay about 500 million euros extra a year to the community budget.

When?

The likelihood of a no-deal Brexit has increased and in this case, EU countries are already looking into what the potential cost increase could be. The UK may not contribute to the EU budget starting from March 30th, 2019.

Follow James Woodman on LinkedIn, Instagram and Facebook to keep up with financial news.