Billions of euros of British taxpayers’ money could remain locked into an EU bank for more than thirty years after Brexit, the UK has been warned.
Alexander Stubb, vice president of the European Investment Bank - in which the UK is a 16% shareholder - said it would not be fully repaid until 2054.
He described Brexit as a “travesty” but denied the move was a punishment.
“The EIB has leveraged the economy of the UK many, many fold over the years,” he told BBC Radio 4’s Today.
The UK has 3.5bn euros (œ3.1bn) of capital at the bank and a House of Lords report said the UK’s investment could be worth 10.1bn (œ8.9bn) euros taking into account reserves and profits.
Established in 1958, the EIB uses capital provided by EU countries to make loans at low rates, often for major infrastructure projects.
BBC
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