Brexit

Treasury written question – answered on 26th November 2018.

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Photo of David Jones David Jones Conservative, Clwyd West

To ask the Chancellor of the Exchequer, what estimate he has made of the level of financial liabilities that would arise pursuant to the provisions of Article 143 of the draft Withdrawal Agreement with the EU.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

Under Article 143 of the draft Withdrawal Agreement, the UK will continue to stand behind a share of the EU’s contingent liabilities related to financial operations up to the date of withdrawal. These contingent liabilities are reported to Parliament in the Consolidated Fund accounts as having a remote probability of crystallising. The UK will also get a share of the associated pre-paid guarantee funds and reflows from the financial operations and, in the event of a contingent liability being triggered, the UK will receive its share of any subsequent amounts recovered by the EU.

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