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BREXIT SAVES US BILLIONS IN EU FEES AND MEMBERSHIP COSTS

Summary:

As an EU member state, 75% of *all* customs revenue (it was 80% when UK was a member)  goes to the budget of the EU. Now outside of the EU, the UK HMRC gets 100% of that revenue  to spend on public services, currently around £2-3bn extra a year.


Explanation:

The EU has multiple methods by which it raises funds to pay for itself and the salaries of the 60,000 people that the EU institutions employ. One of those methods is through the revenue taken at the border through import tariffs, of which the EU takes a majority share.

At the time of the vote to leave the EU, 80% of import tariffs collected at the UK border were paid directly to the EU. This has since been reduced to 75% in the most recent EU budgetary period.

Outside the EU, the UK retains 100% of border tariffs collected, which in 2022 was around £3 Billion (around 0.1% of GDP in 2022).


Reference: https://commission.europa.eu/strategy-and-policy/eu-budget/long-term-eu-budget/2021- 2027/revenue/own-resources/customs-duties_en

Reference:https://www.statista.com/statistics/284363/customs-duty-united-kingdom-hmrc-tax-receipts/


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