Britain rejects European estimates of the cost of "Brexit"

Britain has rejected the European Union's estimate of the cost of Brexit as part of a financial settlement of its withdrawal from the European Union.

According to Arabiya Net, Britain has confirmed that it believes the total cost is still within the main range it had previously set between 35 and 39 billion pounds.

The European Union said Britain owed 40.77 billion pounds after its departure from the European Union, and the European Union rejected Britain's estimates of the costs of separation contained in the British budget report.

On Friday, a consolidated report of the European Union's 2020 budget showed that the United Kingdom was required to pay 47.5 billion euros ($56.23 billion) to the bloc, as part of a settlement financial to withdraw from it.

The report added that the funds are required under a series of clauses agreed by the two sides under the Brexit agreement.

This amount is much higher than expected, as the UK's Office of Budget Responsibility predicted in a March 2018 report that the bill would be €41.4 billion.

The EU budget report said that an initial amount of 6.8 billion euros is due in 2021, with the rest of the money to be paid later.