UK faces 47 billion USD Brexit bill if no trade deal

The UK will have to pay the EU 47 billion USD if it fails to agree a trade deal, UK Chancellor Philip Hammond told his cabinet on Wednesday.

He said there is no chance the UK can win a legislative fight to avoid that bill, adding that the UK might save 12 billion USD at best. The statement came after the EU said a no-deal Brexit is now likely.

The same day, 27 EU leaders said they will not hold a Brexit summit next month, but are ready to meet when and if EU Brexit chief negotiator Michel Barnier announces any negotiation progress.

Source: VOV5