Ireland forced to pay more than DOUBLE into EU coffers – as bloc panics without UK money | World | News

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”.

READ MORE: Varadkar SNUBBED: Theresa May ‘loathed’ ex-Irish leader – shock claim

“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.





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