Smoke, mirrors, magic: how George Osborne "halved" the £1.7bn EU bill
George Osborne took a victory lap on Friday to declare that ‘instead of footing the bill, we have halved the bill.’ This would be the £1.7 billion EU budget invoice the European Commission handed to the UK government in October, with a pay-by date of 1 December. After meeting with his EU counterparts today, the UK finance minister announced a deal in which ‘the bill instead of being £1.7 billion will be around £850 million’. Er…not quite, as it turns out. Here’s what Osborne left out: the UK will still owe the full £1.7 billion, only not all in December, and would be able to quickly offset part of the