23 - 04
With what we put in which in 2015 was £19.2 billion per annum. (source: Prospect magazine, January 2016)
Sounds a lot but…
It’s just a little over one per cent of the price of all products and services we make and sell in one year.
It’s just two per cent of what the government spends in one year.
But that’s the gross contribution.
If you take off what we get back…
Our rebate, money for farmers, money for regional help, money for universities,
Our net contribution in 2015 was just over £10 billion. That’s about 60 pence per day per person, or 0.6. per cent of GDP, slightly less than the aid budget. See the detailed analysis of what we spend and what we get back by the Institute of Fiscal Studies report of May 25, 2016.
It’s a good deal.
Yes we have to share decision making with other countries on some issues
But it’s a fair price to pay for what we get out of it. The CBI estimates the net benefit of membership at between £62bn and £78bn per year.
In October 2014 we were asked to pay an additional one off payment of £1.7 billion to reflect our superior economic performance since 1995.