The UK is due to pay €10.9 billion to the European Union this year as part of the Brexit financial settlement, according to figures published today.

That will mean an estimated outstanding bill of €30.9 billion on 1 January 2023.

Under the Withdrawal Agreement the UK was handed a departure bill of €49.2 billion, which was reduced to €47.5 billion because of London's share of fines paid into the EU’s coffers worth €1.8 billion, as well as other adjustments.

The current balance is €41.8 billion, made up of the UK’s share of €28.6 billion in budgetary commitments which the UK entered into as a member state, as well as liabilities relating to the EU pension and joint sickness schemes worth €14.7 billion.

The balance is then adjusted to €41.8 billion due to the UK’s receipt of €1.5 billion in fines to the EU.

The payments are made in monthly installments each year, with the UK paying €6.8 billion last year.

The figures are contained in the European Commission’s Consolidated Annual Accounts of the European Union, completed on 28 June but published on the Commission’s website today.

The accounts are due to be signed off by the European Court of Auditors (ECA) in the coming weeks, but officials say the figures are unlikely to change.

Tony Murphy, Irish member of the ECA with responsibility for auditing the EU annual accounts stated: "We found that the financial obligations on the UK arising from Withdrawal Agreement have been paid in full and in line with the terms set out in the agreement up to the year ending 31 December 2021."