The UK Financial Contribution to the EU
There’s so much misunderstanding and distortion flying around about the United Kingdom’s contribution to the European Budget and what it might be spent on if we left the EU that I just thought I would post this for information. It shows official figures from HMRC for 2014. Similar pie charts are available for other years, but often they include the EU contribution under “other” which is why I’ve chosen this particular one. Also, I’m very lazy and it came up first on Google…
Although it’s a lot of money in cash terms, it’s very small compared to current expenditure on, e.g. Health, Education and Welfare and even compared to the interest payments on our national debt. Saving this contribution would not make sufficient financial resources available to make a significant difference to these other big ticket items. Note also that if the UK loses its current credit rating, the expense of servicing our debt will increase by an amount that could easily on its own wipe out the saving on our EU subscription.
And of course what we get for that relatively small contribution is access to beneficial trade agreements, inward investment from EU companies and other sources, and access to the science programmes. You may disagree, of course, but I think it’s money very well spent.