Brexit's Costs and Whether Britain Will Pay Up: QuickTake Q&A

European Commission President Jean-Claude Juncker said it will be “hefty." British Trade Secretary Liam Fox called the notion of it “absurd.” It’s the bill that the European Union reportedly wants to impose on the U.K. when Prime Minister Theresa May’s government carries out its plan to leave the bloc. The charge could be about 50 billion pounds ($62 billion), more than the British defense budget, according to Juncker. The topic figures to be one of the early flash points and tone-setters in the Brexit negotiations, ultimately shaping how amicable the breakup is and what trade deal May is able to land.

European Commission negotiator Michel Barnier wants the British to cover their liabilities and commitments to the EU budget -- perhaps even the ones which don’t come due until after Brexit. “There is no price to pay, but we must settle the accounts," Barnier said on March 22. Commission spokesman Margaritis Schinas likened it to leaving a bar, but still needing “to pay for the round you ordered."