Sunday, 12 February 2017

Britain likely to face huge cash pay back after Brexit

Brexit and its chanllenges
Indication has emerged that Britain may face a slow checkout and some form of surcharges from Brussels.

From the foregoing, it was learnt that the Committee on Regional Development has announced in clear terms that any company operating in the UK that has in one way or the other taken part of the EU regional funding will be under a strict monetary scrutiny till 2024.

Though the committee suggested some kind of exemptions to small businesses, but companies and government agencies that benefited from such funds may be made to pay even if the money was given them before Brexit.

Example of such companies required to pay back is Superfast Cornwall, which is a public-private broadband partnership. The company is said to have benefited immensely millions to help it upgrade their services in one of Britain’s poorest region.


Thus, “The U.K. and EU could agree to overlook the usual rules for EU regional funding and exempt all British projects from the repayment clause. But that depends on a deal being in place when Brexit occurs. A hard Brexit would likely mean a big bill.”

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