ICAEW chart of the week – EU contributions

Ross Campbell, Director for the Public Sector for ICAEW, writes:

“With the discussion in politics once again turning to the size of the saving that the UK will make when it stops paying contributions into the EU, this week’s chart is a reminder of what we currently pay and what we get back from the EU.

It is certainly worth noting that while the UK is a net contributor to the EU, both the gross contribution of £290m per week and the net contribution of £165m a week – what actually leaves the UK- are substantially smaller than the £350m a week claimed saving.

What is also worth bearing in mind is that the annual net contribution of approximately £8.6bn is really only about 1% of UK annual government expenditure.”

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