Britain will have to keep making payments for long-term programmes to the European Union until at least 2020, even after it leaves the bloc in 2019, EU Budget Commission Guenther Oettinger told Germany’s Bild newspaper.

Oettinger said Britain was obligated to honor commitments it had made to long-term programmes before last year’s vote to leave the bloc in 2019, the Monday edition of the newspaper reported.

“As a result, London will have to transfer funds to Brussels at least until 2020,” he told the newspaper.

Britain’s departure would leave an annual hole of around 10 billion to 12 billion euros in EU coffers, Oettinger said.

Source: Fana News