Withdrawal Agreement Financial Settlement

The comparison defines the financial obligations, the method of calculating the UK share and the payment plan. The agreement is part of the Withdrawal Agreement, which is a legally binding agreement that sets out the negotiated terms for the UK`s withdrawal from the EU. Brexit: the Financial Regulation – in detail (1 MB, PDF) The Withdrawal Agreement sets out how the UK and the EU will settle their outstanding financial obligations arising from the UK`s participation in the EU budget as a Member State and other aspects of its EU membership. The agreement reached on these financial aspects is known in the financial agreement (the Regulation). The Financial Regulation – often referred to as the „withdrawal law“ or „divorce bill“ – defines how the UK and the EU settle their unpaid financial obligations with the other. [23] In September 2017, EU negotiator Michel Barnier noted in a speech to the Italian Parliament that, despite the progress made on all issues in the Withdrawal Agreement negotiations, important issues remained open on all issues, including the Financial Regulation, for which his objective was: the Financial Regulation is currently estimated at a cost of around £30 billion for the UK. Parliament`s annual approval may open the door to further scrutiny of payments, but it does include the possibility that expenditures may be rejected or amended by the House of Commons. .