If no post-Brexit deal is reached, 'UK can leave without paying a penny', says Lords' report

Monday, March 6th 2017 - 08:33 UTC

Full article 6 comments

Britain can legally walk away from the European Union without paying a penny if there is no post-Brexit agreement, a House of Lords inquiry has concluded. The Lords EU Financial Affairs Sub Committee said the UK would be in a “strong” legal position if the two-year Article 50 withdrawal negotiations ended without a deal. Read full article

Comments

Disclaimer & comment rules

MerryEnglander
Of course we can leave without paying. We didn't need this Lord's report to tell us that, but it is welcome none-the-less as it puts a sock in the mouth of the Chicken Lickens in the press who are still running around shouting that the sky will fall on our heads.

We are the second largest contributor to the EU budget and the gaping hole our departure will leave in their finances if no suitable agreement is reached is one of the many trump cards we hold.
Mar 06th, 2017 - 09:48 am - Link - Report abuse 0
-+
EscoSesDoidao
And by extension, Scotland can leave the UK 'without paying' then.
Mar 06th, 2017 - 01:59 pm - Link - Report abuse +1
-+
James Marshall
Esco...As long as you don't want any assets ;-)
Mar 06th, 2017 - 03:56 pm - Link - Report abuse 0
-+
The Voice
...Except your share of the National Debt.. It's not gonna happen though, it's just Wee Jimmy's wet dream.
Mar 06th, 2017 - 04:00 pm - Link - Report abuse 0
-+
St.John
Surely Scotland won't want any assets - except the oil, of course, as the oil wells are located in Scottish waters.
Mar 07th, 2017 - 01:29 am - Link - Report abuse 0
-+
Pugol-H
During the run up to Indyref1, the legal opinion was Scotland would have no claim to assets and no “enforceable obligation” to take any of the debt.

The problem would come if there was no agreement on separation, the money markets would respond negatively to any future borrowing by Scotland, as Argentina found out with nearly 10% bond yields.

The figure touted at the time was £5Bs worth of debt repayment per year.

Most of the oil is in what would be Scotland’s EEZ and would automatically be theirs, although whether it would be an asset or a liability would be very debatable as things stand.
Mar 07th, 2017 - 05:18 pm - Link - Report abuse 0
-+

Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!