Michael Gove reveals the cost of an extension.

The Lords European Union committee questioned Michael Gove. They asked what the cost would be, if the UK were to extend beyond the December 31 deadline. Lord Lamont asked: “Can you be more preciously about what the costs of an extension to the transition period would be?”

Mr Gove replied: “Yes, for every year continued membership the additional cost would be between £20 billion gross and £10 billion net.

“One additional complicating factor is that the current multi-annual framework of the EU ends at the end of this calendar year.

“There would be a new MFF.

“It would be decided by the EU 27 and we would not have a voice in that process.

“We would find that even the limited say we had in the setting of the MFF when we were a member of the EU would have gone.

“So, we can’t know preciously what bill we may be saddled with were we to agree to another year of continued transition.”

Mr Gove then went on to breakdown the EU stance on fisheries.

Julia King Baroness Brown of Cambridge asked: “Given that fisheries make up less than 0.5 percent of UK GDP can we really envisage the partnership failing over this issue?”

Mr Gove said: “If it is the case that the current size of an industry’s GDP is the determinant factor, then it would be the case that the EU themselves would have taken a more conservative and less ambitious approach.
“The broader point is this is a matter of sovereignty.

“It is a matter of principle.

“Why would the EU not want to give the UK the same degree of sovereign independent status as it would to the Faroe Islands?

“That is at the heart of it.”

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