The President of the European Commission Jean-Claude Juncker stressed upon the reality of the upcoming Brexit bill which could be somewhere between €40 billion and €60 billion. We have reported earlier that the European Union is planning to present the United Kingdom with an exit bill right after the triggering of Article 50 of the Lisbon Treaty, which is due to take place on March 29th.

Speaking to the BBC he said that the EU is not looking to punish the United Kingdom or impose sanctions but the exit bill is a reality and will have to be paid by the UK. He suggested that the amount could be somewhere around £50 billion. He exactly said, “There will be no sanctions no punishment. Nothing of that kind. But Britain has to know – and I suppose that the government does know it – we have to calculate scientifically what the British commitments were and then the bill has to be paid.”

The UK government has said that the country owes nothing to the EU and not a single penny will be paid. A leaked draft document suggests that the EU might take up legal action in the international court in Hague.