The net saving is £10 billion
Various lower estimates for the UK’s saving from leaving the EU have been put about. Let me remind people where the £10 billion figure comes from. It is the last official ONS figure for a whole year, 2014, published in the Pink Book. It is based on the following figures:
UK payments into EU
Vat contribution £2388 m
GNI contribution (based on recently revised up GDP) £13762 m
Customs duties £2949 m
Total (inc small items) £19107 m
Payments to UK
Fontainebleau abatement (Thatcher rebate) £4416 m
UK charge for collection of customs duties etc £741 m
Agricultural receipts £2309 m
Capital receipts (universities, regional etc) £1478 m
Other receipts £70 m
Total Receipts £9235 m
NET ONE YEAR COST OF EU £9872 m
Source: http://johnredwoodsdiary.com/2016/03/01/the-net-saving-is-10-billion/
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