BREXIT SAVES US BILLIONS IN EU FEES AND MEMBERSHIP COSTS
Summary:
During the Covid pandemic, the EU27 took the collective step for the EU to take on its own debt of €750bn, in order to grant member states loans to cover the cost of fighting the pandemic. This debt is effectively given with the member states as guarantors, and with the net contributors having to cover any funds not paid in time by the net recipients. The UK would have effectively been on the hook for 12% of this debt, as its share of the EU budget – around €90bn.
Explanation:
During the Covid pandemic, the EU27 took the collective step to allow the EU to take on its own debt, and allowed borrowing of €750bn to be made, in order to grant member states loans to cover the cost of fighting the pandemic. This debt is effectively given with the member states as guarantors, and the net contributors having to cover any funds not paid in time by the net recipients. The UK would have effectively been on the hook for 12% of this debt, as its share of the EU budget – around €90bn.
Reference: https://www.funcas.es/articulos/the-eu-recovery-plan-funding-arrangements-and-their-impacts
Reference: https://www.economist.com/europe/2020/05/30/the-eus-recovery-fund-is-a-benefit-of-brexit