In case of no-deal Brexit, Latvia's payments into EU budget would increase by EUR 23.27 million

RIGA - In case of a no-deal Brexit, Latvia's payments into the European Union budget could increase by about EUR 23.27 million, according to report from the Finance Ministry submitted to the Cabinet of Ministers.

The ministry points out that uncertainty in regards to the Brexit outcome also creates uncertainty in regards to payments into the EU budget after 2019.

''There is a risk that in the medium term Latvia's payments into the EU budget could increase in relation with the planned amount if Brexit takes place without an agreement and if EU member states fail to agree in the short term on measures to lessen the consequences of Brexit and avoid a negative impact on the EU budget,'' the Finance Ministry points out.

According to a ministry assessment, if there is a negative Brexit scenario, Latvia's payments into the EU budget in 2019 could increase by EUR 4.23 million, but in 2020 - by EUR 23.27 million. In recent years, Latvia has paid in approximately EUR 250 million into the EU budget.