Brexit May Cost UK Up to $70Bln in Budgetary Obligations

The European Commission is estimating that the United Kingdom may have to pay up to $70 billion in order to cover all its budgetary obligations during Brexit, with a huge amount of payments to be allocated for pensions of EU institutions employees, media reported Thursday, citing a senior EU diplomat.

BRUSSELS (Sputnik) – According to the Politico news outlet, the United Kingdom is also obliged to pay its share in infrastructure projects across Europe, which were coordinated during the UK membership of the bloc. UK obligations also include payments of subsidies to European farmers.

The diplomat told the media outlet that the amount of UK financial obligations was a matter of talks, though, if London refused to fulfill them Brussels could file a lawsuit with the International Court of Justice.

On June 23, the United Kingdom held a referendum to determine whether or not the country should leave the European Union. According to the final results, 51.9 percent of voters, or 17.4 million people, supported Brexit.

Following the vote numerous reports indicated the country's possible financial losses in case of exit from the European Union.

In October, The Times reported, citing leaked government papers, that the United Kingdom’s Treasury could lose up to $82 billion in tax revenues annually in case of the hard Brexit that would leave the country without access to the EU single market.