FX.co ★ UK to continue paying into EU budget even after Brexit

Brexit is unlikely to remove burden of paying into the EU budget from the UK. If the country continues raising the union’s funds, it will retain its access to the single market, which is the goal pursued by British Prime Minister Theresa May.

The Financial Times reports that Mrs May plans to increase border security and to exclude the UK from jurisdiction of the European Court of Justice. Prime Minister’s position aroused some concerns over maintaining "passporting" rights for the UK banks and insurance companies. A “passport” allows them to trade within the European Union.

Additionally, Mrs May does not rule out paying into the EU budget even after the country leaves the union as the UK needs to secure access to the single market. Eurosceptics will hardly get excited by this turnaround of events. After all, the UK economy depends on finance greatly.

Citing the Cabinet sources, the Financial Times reported that the UK may carry on making contributions into the EU budget.

Recently, the Office for National Statistics said that the UK has paid about 7.1 billion pounds into the EU budget in the period from 2010 to 2014. However, this may be not the last discharge. According to the FT, the UK may be obliged to pay about 20 billion more.