THE UK's Brexit divorce bill was estimated at between £35 billion and £39bn by the UK Government – but a report by the National Audit Office (NAO) said it could cost even more.
The financial watchdog said that while HM Treasury's estimate was a "reasonable calculation", it was based on a number of assumptions, with too many future events still remaining uncertain.
These include the UK's economic performance, EU funding for UK organisations post-Brexit, EU pension liability and potential changes to the exchange rate.
Amyas Morse, the head of the NAO, said: “We have reviewed the Treasury’s estimate of how much the UK will pay the EU under the draft withdrawal agreement.
"The estimate reflects a number of moving parts, so the range of costs in it could have been wider than £35 billion to £39 billion. But overall we think it is a reasonable estimate.
“As the vote on the draft withdrawal agreement approaches we expect that government will provide a substantial amount of material for Parliament to consider. We will support Parliament in this scrutiny by providing independent assurance.”
The report stated that the UK may have to contribute to other costs not included in the Treasury's estimate, such as a guarantee for the European Investment Bank.
Meg Hillier, chairwoman of the Commoncs Public Accounts Committee, said: "Whereas the promises made by some Brexiters of the bounty that our public services would recceive post-Brexit are likely to be downgraded, I fear the cost of the UK leaving the EU could increase further.
"Our children and grandchildren risk being saddled with paying off this bill for decades to come."
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