We will use your email address only for sending you newsletters. Please see our Privacy Notice for details of your data protection rights.
Dublin’s department of finance told Express.co.uk Ireland will be forced to cough up an average of £1.5billion in net contributions per year from 2021 to 2027 following the UK’s momentous decision to unshackle itself from the bloc. By 2027, Ireland expects to be spending more than £4billion in gross contributions to be a member of the Union.
Official figures show between 2018 and 2020 Ireland has stumped up an average of £600million in net contributions to the EU budget.
But the Brussels bloc is demanding Ireland increase their payments by more than double as a result of economic growth, Brexit and environmental charges, according to Ireland’s finance bosses.
In 2018, Ireland’s gross contribution was approximately €2.5billion, and Irish receipts were approximately €1.8billion, giving a net contribution of roughly €700million.
A year later, Ireland’s gross contributions to the EU Budget amounted to approximately €2.4billion and receipts of roughly €2billion, giving a net contribution of €400million.
The current forecast for Ireland’s 2020 gross contribution is approximately €2.7billion, which forecasts receipts of approximately €2billion, giving a net contribution of €700million.
Ireland’s finance department admitted they expected Irish contributions to the EU budget “to rise over the coming Multiannual Financial Framework period from approximately €3billion in 2021, to over €4billion in 2027, an average of €3.5 billion” as a result of “economic growth and the departure of the UK”.
The rise also accounts for a new contribution based on member states non-recycled plastic waste.
Despite skyrocketing costs, a government finance spokesman told Express.co.uk Ireland has and continues to “benefit greatly from EU membership”.
She said: “It is important to remember that Ireland has benefitted greatly from EU membership in economic (single market access), social, environmental, and financial terms (net €40+ billion receipts).
DON’T MISS
Ireland panic: Brexit and COVID-19 blamed as Dublin faces recession [INSIGHT]
Boris Johnson to strengthen UK bond in Northern Ireland [REVEALED]
Boris Johnson set for Brexit showdown with Ireland after crisis talks [INFO]
“We stand ready to demonstrate solidarity with those most in need now.”
These figures are expected to be revised in 2021.
Earlier this year, EU governments agreed on a €1.8 trillion financial package and recovery fund for coronavirus ravaged economies.
Brussels lowered its growth forecasts for the bloc’s economy, warning people to expect a slower-than-anticipated recovery from the downturn caused by the pandemic.
The Commission slashed its forecast for a potential economic recovery in 2021.
It estimated growth of just 5.8 percent next year, down from a previous claim of a 6.1 percent rebound.
Source: Read Full Article