How much does the EU actually cost you?
Not a lot. In the 2015-16 financial year, the EU cost you 1.1% of your total income tax and National Insurance contribution.
There’s obviously been lots of talk about how much the EU costs the UK. Forget the big red bus and the lie plastered on its side. How much the EU costs you specifically is 1.1% of your income tax and National Insurance contribution. At least, that’s what it was for the 2015-16 financial year.
In government guidance on how public spending was calculated in your tax summary, the UK contribution to the EU budget accounts for the smallest figure at 1.1%. You can see this at gov.uk.
This is set out in more detail in the government’s annual letter to individuals with their annual tax summary.
What does that mean for a person on an average UK salary?
Someone on an average UK salary of £28,000 (based on ONS figures) pays a total of £5,872.80 in income tax and National Insurance. Of this amount, 1.1% or £64.59 is the annual contribution a person on that salary makes to the EU budget.
Since the referendum vote, we’ve seen the pound sink and inflation rise. Life is more expensive and rising inflation means it’s going to get even more expensive. If you’ve travelled to Europe or the US, you’ll have noted just what a difference the weakened pound has made to your bank balance. And this is before we see the outcome of actual withdrawal and the very real possibility of tariffs on goods from the EU.
I wonder how much Brexit has already cost people? Could it already be more than how much they individually contributed the EU over a year? Quite possibly!