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Eurocrats are staring at a colossal spending black hole caused largely by the astonishing rate at which they have milked the UK economy for cash, according to bombshell conclusions published by the European Policy Centre (EPC). Experts revealed how Britain’s budget contributions have ballooned at an unprecedented speed and are now a scarcely believable more than 50 times greater than they were when the country joined the bloc in 1973.

GETTY The EU is facing a major cash crisis after Brexit

For just one year in its five-decade EU history has the UK ever been a net beneficiary of the project, and that came in 1975 when the then Government was putting full membership to a referendum. And now Brussels has become hooked on British taxpayers’ cash, with experts warning both eurocrats and the other 27 countries face seriously painful decision about how to make up for the shortfall from 2019 onwards.

EPC Britain's budget contributions have ballooned by over 50 times since 1973

EPC The UK is one of the biggest contributors to the Brussels budget

EPC But whatever deal is agreed with Brussels those payments are set to significantly drop

In a report published this week the EPC says there are painful ways to mitigate the cost of Brexit, but bluntly warns European leaders: “Brexit means Brexit and budget cuts mean budget cuts.” The dossier, compiled by Economic Research Assistant Ewa Chomicz, says Brussels has three potential options for the future - hiking EU27 contributions, slashing spending or imposing its own taxes on citizens. She warns that all three are seriously politically difficult, with Germany determined not to pick up the tab for Brexit and support for the EU in Eastern Europe underpinned by generous spending projects. The idea of eurocrats slapping a direct tax on citizens, for instance by adding a two per cent levy to fuel continent-wide, is the most controversial of the lot and could further strengthen the hand of eurosceptics.

Brexit means Brexit and budget cuts mean budget cuts European Policy Centre report

In its report the EPC concludes: “Loss of EU budget revenue linked directly to the UK’s membership could amount to EUR 20-27 billion, i.e. 14-19% of total EU revenue. “According to our estimates, considering current data and the models already in place, depending on the approach adopted by the UK, the UK’s gross and net direct contributions to the EU budget post-Brexit could amount to less than 1/6 of their current size.” Britain currently stumps up around 15 per cent of the bloc’s total revenue, according to the report, which says the UK “has been one of the main contributors to the EU budget, both in gross and net terms”. The dossier examines three potential Brexit options, ranging from a Norway-style deal already ruled out by Theresa May through to a free trade deal similar to the one recently struck by Canada. It actually concludes that a completely “hard” Brexit, whereby the UK falls out of the single market and trades on WTO terms, would in the very short term lead to a rise in the EU budget via the payment of tariffs.

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