By the end of this year, Brexit will cost nearly as much as the UK’s net payment of the EU in 47 years. This is according to Bloomberg Economics. And, according to Bloomberg, had it not been for the impending departure from the European Union, the British economy would now have been 3 per cent larger. So far, Brexit has cost £130 billion in lost economic growth.
By the end of this year, according to Bloomberg researchers, another £70 billion will be added. Between 1973 and 2020, the UK contributed a net amount of £215 billion to European Commission and European Union budgets, Business Insider reports, citing figures from the House of Commons Library.
The “mega” payments to Brussels have been a thorn in the British side for decades. So Margaret Thatcher waved her handbag and shouted, “I want my money back!” The “Iron Lady” negotiated a reduction (the so-called “discount”) on the British contribution to the European budget.
Despite this discount, British transfers to the European Union were an important campaign topic in the Brexit referendum. For example, Brexit supporters have promised that if they leave the EU, £350m will become available every week. This money could go directly to the British healthcare system, the NHS. Shortly after the referendum, Brexit champion Nigel Farage admitted this was a misrepresentation.
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