Brexit Transition Extension Could Cost A “Stratospheric” Amount, Tory MP Warns

18 October 2018, 13:26

A Conservative Eurosceptic has warned extending the Brexit transition period could cost the British taxpayer a “stratospheric” amount of money.

Sir Bill Cash, chair of the European Scrutiny Committee, believes it’s now time for Theresa May to walk away from negotiations.

He was speaking as the Prime Minister said the UK’s transition out of the EU could be extended by a “matter of months”.

Its due to finish at the end of 2020, but Mrs May says says the extra time would help resolve the Irish border arrangements.

Sir Bill Cash warned extending the transition period could cost a "Stratospheric” Amount
Sir Bill Cash warned extending the transition period could cost a "Stratospheric” Amount. Picture: PA/LBC

Sir Bill, however, warned it could end up being a costly decision.

“If you go into a period of time after the 1st December 2020 then we automatically fall into a new financial arrangement called the Multi-Annual Financial Framework,” he told Nick Ferrari.

“You then have billions of billions of pounds, maybe even tens of billions and you’re liable to lose the rebate as well - which would take us into completely stratospheric amounts of money.

“The situation has been… that the basis in which these negotiations are being conducted is on EU terms.”

More Nick Ferrari

See more More Nick Ferrari

Katharine Birbalsingh insisted strict uniform codes are needed

Social mobility tsar: Pupils will bring knives to school if you don't enforce uniform code

The distraught caller was speaking to Nick Ferrari

'I can't afford my heating': Caller bursts into tears as cost of living crisis laid bare

Business Secretary Kwasi Kwarteng spoke to LBC this morning

'Less than half my office is back at work': Business Sec Kwasi Kwarteng reveals in WFH row

Rachel Reeves spoke to Nick Ferrari this morning

Shadow Chancellor: Tax North Sea gas firms to help struggling families

Lord Stuart Rose, chairman of Asda, has welcomed the return to the office.

'Hallelujah': New Asda Chairman Lord Rose hails WFH end and says 'forget about Covid'

Nick Ferrari hit out at the former Tory MP

Nick Ferrari: It is shameful that Christian Wakeford defected to Labour with no by-election

Greater Manchester Mayor Andy Burnham said Gary Neville "brings life to politics".

'He brings life to politics': Andy Burnham welcomes Gary Neville to the Labour team

Andy Burnham has said he cannot see how the Prime Minister can survive the partygate scandal.

Isn’t it time to go Boris? Andy Burnham tells LBC ‘I don’t see how the PM can survive’

Call Mayor of Greater Manchester Andy Burnham | Watch LIVE from 9am

Call Mayor of Greater Manchester Andy Burnham | Watch Again

James Heappey has said he is giving the PM the benefit of the doubt.

Boris 'deserves the benefit of the doubt' over partygate scandal, minister insists

Mr Heappey said Prince Andrew had been 'moved from public view'

Prince Andrew's Epstein and Maxwell links ‘horrifically ill-advised,' minister tells LBC

Nick Ferrari asked the question of Dominic Raab

'Who should my listeners believe on partygate? The PM or Dominic Cummings?'

Dominic Raab said Insulate Britain's actions are not "normal, peaceful protest, but sabotage"

Eco-mob protests are sabotage, Raab says as Govt pushes ahead with protest crackdown

Education Secretary Nadhim Zahawi was speaking to LBC's Nick Ferrari

'T-levels, not Tory Leader': Nadhim Zahawi explains TL lapel badge

Nadhim Zahawi has called on Sir Keir Starmer to apologise

'Boris said sorry, Keir should too': Zahawi blasts Labour leader over partygate

No10 has apologised to Buckingham Palace

No10 says sorry to the Queen after lockdown-breaking party night before Philip's funeral