EUROPEAN UNION (WITHDRAWAL) BILL: Transparency of the financial settlement
‘(1) Financial provision may be made for a financial settlement agreed as part of any withdrawal agreement under Article 50 of the Treaty of the European Union.
(2) Subsection 1 applies only if the financial settlement honours obligations incurred by the United Kingdom during the period of its membership of the EU.
(3) The Treasury must lay before both Houses of Parliament an estimate of the financial obligations incurred by the United Kingdom during the period of its membership of the EU, together with reports from the Office of Budget Responsibility, the National Audit Office and the Government Actuary each giving its independent assessment of the Treasury’s estimate.
(4) Any financial settlement payment to the European Commission or any other EU entity may be made only in accordance with regulations made by a Minister of the Crown.
(5) Regulations under subsection (4) may be made only if a draft of the regulations has been laid before, and approved by resolution of, the House of Commons.’—(Jenny Chapman.)