£1.7bn EU bill: UK faces punitive interest charges from December 1
November 4 , 2014
If British Prime Minister David Cameron does not pay the £1.7 billion European budget surcharge by the end of November, punitive interest charges will be incurred by the UK, the European commission has warned, media reports say.
Margaritis Schinas, the spokesperson for Jean-Claude Juncker, the new chief of the commission, said the December 1 deadline was binding.
A 2.5% interest rate would apply to the amount after that date, and rise by 0.25% each month, the commission said.