The European Investment Bank, a major European bank, has said that it may not repay the billions of pounds that represent the UK’s share for more than thirty years.
Alexander Stubb, the bank’s vice-president, said that not only could the UK taxpayer have to wait until 2054 to get their money back, but they would receive just £3billion- this figure is far less than the £9 billion suggested by the European Union Committee in the House of Lords.
As if that were not enough, Stubb has suggested that Britain may have hand over billions more in the future, for ‘failed projects’.
The UK has a 16 per cent share in the bank which funds projects across the bloc; and if these projects fail, Stubb has said that the UK could be forced to pay nearly £30 billion. This figure was first mentioned in an EU position paper back in June, but is heavily disputed here in the UK.
This huge figure would be in addition to the £20 billion Theresa May has already suggested the government would be prepared to pay in order to settle the existing EU budget contributions in her Florence speech during the Summer.
The Finn, speaking to the BBC, denied that this is the bank’s way of ‘punishing’ the UK for leaving, and instead claimed that they were doing their best to lessen the ‘pain’ of Brexit. Apparently, this desire to alleviate pain does not extend to charging the UK taxpayer if things go wrong in Europe.