EU Budget Commissioner Günther Oettinger said Britain must continue paying to the European Union “at least until 2020” as it has a duty to “honor its obligations”.
In an interview to Germany's Bild newspaper, Oettinger said the UK had pledged funds to EU's long-term programs and those obligations would continue even after the country's scheduled departure from the bloc in 2019.
According to Oettinger, with the UK set to leave, the bloc would face an annual budget gap of some 10 to 12 billion euros. To offset the financial loss, budget cuts and higher payments from the remaining EU members will be implemented.
Another measure would be to eliminate financial discounts that various states have on their payments to the EU budget.
According to sources, London will agree to pay up to £36 billion (€40 billion) to quit the EU in case agreements to build further economic relations with the EU, including a free trade deal, are reached.
