The bill is now estimated at 42.5 billion pounds (just under 50 billion euros). This means that the UK’s outstanding liabilities are about 5 billion pounds higher than last year.
The bill covers things like agreed payments for infrastructure projects and developing countries, as well as EU employee wages and pensions. The UK entered these projects as an EU member and would not suddenly get rid of them after Brexit. So England paid the bills to buy these things.
Initially, Boris Johnson’s government expected between £35 and 39 billion, but the bill is now estimated at £42.5 billion, according to a senior official.
The fact that bills are now higher is due to rising interest rates and high inflation rates. As a result, pension obligations are higher. The official stressed that this was a decades-long obligation. As a result, what is currently causing higher estimates could fall again at a later time, resulting in even lower bills.
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