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Bringing Britain back into the EU would cost an extra £5bn a year

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If Britain decides to rejoin the European Union, as new Prime Minister Andy Burnham has proposed, it would require additional spending of 5 billion pounds ($6.6 billion) a year, according to Bloomberg, citing former officials from Keir Starmer's Labor administration.
The country will lose the budget cut it received under Margaret Thatcher and will be forced to cancel all post-Brexit trade agreements.

AI-generated summary

Why It Matters

The UK left the European Union in 2020 following a 2016 referendum. Since then, the country has operated outside the EU's single market and customs union, negotiating its own trade agreements. The UK rebate was received by Margaret Thatcher in 1984 and reduced London's net contribution to the EU budget by 66%.

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If the UK wants to fully return to the European Union, as new Prime Minister Andy Burnham says, this will require the country to spend an additional 5 billion pounds ($6.6 billion) per year. Such data is provided by Bloomberg with reference to Labor officials who worked in the administration of ex-Prime Minister Keir Starmer.

Among other things, the country will face the abolition of the “budget rebate” (UK rebate/UK abatement), which Margaret Thatcher was once able to receive. Due to it, London's net contribution to the general EU budget was reduced by 66 percent.

However, colleagues of Burnham’s predecessor do not rule out that Brussels will still make concessions on a number of other issues - for example, it will not demand that Britain join the Schengen zone or switch to the euro.

However, in addition to financial losses, the United Kingdom will face economic consequences in the event of such a decision. The country will have to cancel all trade agreements that were signed after Brexit.

What to Watch

AI outlook — possibilities, not facts

Negotiations on Britain's possible return to the EU will begin in the coming months
Possible · Within months

Open Questions

What kind of concessions can Brussels offer on other issues?
How long will it take to negotiate a return?
Is there public support in the UK for returning to the EU?

Bringing Britain back into the EU would cost an extra £5bn a year

Quick Look

If Britain decides to rejoin the European Union, as new Prime Minister Andy Burnham has proposed, it would require additional spending of 5 billion pounds ($6.6 billion) a year, according to Bloomberg, citing former officials from Keir Starmer's Labor administration.
The country will lose the budget cut it received under Margaret Thatcher and will be forced to cancel all post-Brexit trade agreements.

AI-generated summary