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England’s history of defaulting on European lenders shows repercussions of not paying Brexit bill

Boris Johnson’s threat to withhold payment of the UK’s £39 billion Brexit divorce bill until the EU gives Britain better exit terms has been the source of much debate over whether or not it constitutes a…

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Technically, the UK would argue that this is not a debt, as normally described when referring to sovereign defaults.

Nevertheless, if the EU did consider it such a default, then the consequences would be very clear.

They could include a hit to the UK’s credit rating, its scope for future borrowing at reasonable rates, and access to international markets.

History shows us…

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