Parliament's spending watchdog has warned the Brexit divorce bill for the UK could be at least £10bn higher than the £35bn-£39bn figure put forward Theresa May earlier this year.
Any cash boost that might come in the wake of the UK's succession from the EU is "some years away", the Public Accounts Committee said.
The £10bn shortfall includes nearly £3bn of payments the UK will make to the European Development Fund, the EU’s main way of providing overseas development aid, after withdrawal, the committee stated in a report.
The Treasury's settlement calculation also excludes roughly £7.2bn of EU funding that goes directly to UK private sector bodies. Given their estimate is the net cost of the settlement to the UK, with no distinction between private and public sector, the watchdog asserts that the net cost of the settlement to the government is likely to be higher than what they predict.
The analysis also reiterates concerns voiced by the National Audit Office earlier this year that the Treasury's figure was based on a number of assumptions that could leave the final figure wildly out. [...]
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