What is the Brexit divorce bill? Everything you need to know

The bill is not a penalty for the UK's decision to leave

Ms May at the European Council in October (AFP/Getty)

Britain is seeking a divorce from the EU, and it has been a long and arduous process for both sides so far. One has even called the other “nebulous” in a late-night tirade when emotions were running high, leading to a highly-public confrontation and ultimately leaving everyone embarrassed.

But one thing agreed early on in the talks was the principle of a bill for the divorce – or as it is officially named, the “financial settlement”. This is the sum of money Britain will owe the EU when it legally breaks ties with its partner of more than 40 years in March 2019.

It forms part of the wider withdrawal agreement, which Theresa May will ask MPs to approve next month in a crucial vote in the Commons. If it passes (and that is a very big “if”), the UK will then have to start paying the divorce bill after exit.