Brexit bombshell: Britain faces £50 BILLION bill to quit European Union

Prime Minister Theresa May hopes to trigger the Brexit negotiations by the end of March following the shock referendum in June past year.

Mr Juncker also said that a trade deal with the European Union would take years - indicating it would be significantly longer than the two years Theresa May had promised.

Mr Juncker said: "The British should know this, they know this already, that it will not be at a discount or at zero cost".

"The British are expected to respect the commitments they made". "It will be a hefty bill".

Her view has been echoed by German Chancellor Angela Merkel, who has previously said that Brexit negotiations and trade deal talks would need to be a "parallel process" but has never put a time frame on the trade deal.

The sum would cover the UK's share of the cost of projects and programs it previously agreed to.

But the leaked document on Saturday, drawn up by MEPs on the European parliament's employment committee to aid the EU's Brexit negotiations, warned: "The UK has no population register".

Barnier is also set to tell Theresa May's government that it can not expect to negotiate a new trade relationship with the European Union until terms of the initial divorce, including the multi-billion pound bill, have been agreed by all parties.

"We need to settle our affairs not with our hearts full of a feeling of hostility, but with the knowledge that the continent owes a lot to the UK", Juncker added. Andreas Dombret, who is an executive board member for the Bundesbank-Germany's central bank-told a private meeting of German businesses and banks earlier this week in Frankfurt that even if banking rules were "equivalent" between the United Kingdom and the rest of the European Union, that was still "miles away from [Britain having] access to the single market", the BBC reports.

  • Leroy Wright