Britain’s so-called EU ‘divorce bill’ could be as much as €60bn [Image: Getty].

Of course, if talks ended in no deal, then the cost of trading with EU countries is likely to be much higher – not just on our exit from the EU, but in perpetuity.

So this is a gift horse whose dental condition perhaps deserves careful examination before we accept it.

Britain will not be legally obliged to contribute towards the European Union’s budget if no exit deal is reached, according to a new House of Lords analysis.

The report from the Lords also claims that calculations of the UK’s so-called “divorce bill” from the EU are “hugely speculative” and almost every element is subject to interpretation. Michel Barnier, the European Commission’s chief Brexit negotiator, has reportedly placed such a bill close to €60bn (£52bn).

According to the Lords, EU budget payments – likely to be a contentious issue throughout the Article 50 negotiating period – would not be enforceable and the UK would be in a “strong” legal position to not pay a penny if talks ended with no deal.

Source: Britain will not contribute £50bn to EU budget if no Brexit deal is reached, says Lords report

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