Published On: Sun, Jun 9th, 2019

Brexit latest Boris Johnson news: Emmanuel Macron vows UK will pay divorce bill | UK | News

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The French president said any failure to make the payment would be a breach of “international commitments” and that there would be “consequences”. According to the Daily Mail, a source close to the leader said: “Not honouring your payment obligations is a failure of international commitments equivalent to a sovereign debt default, whose consequences are well known. The comments come after Mr Johnson launched his bid to become the next Prime Minister.

He argued that the UK could still deliver Brexit but not pay back the significant sum.

But EU rules state that if a country defaults on its payments, it will be punished by international markets.

That leads to a devaluation of currency, a rise in costs for servicing national debt and lower national credit scores.

Despite this, the Conservative leadership hopeful revealed that unless a better deal was on the table, the UK would retain the Brexit divorce bill until there was greater clarity on the way forward in negotiations.

READ MORE: I’ll suspend Parliament to stop MPs preventing Brexit – McVey

Speaking to The Sunday Times, Mr Johnson said: “I think our friends and partners need to understand that the money is going to be retained until such time as we have greater clarity about the way forward.

“I always thought it was extraordinary that we should agree to write that entire cheque before having a final deal. In getting a good deal, money is a great solvent and a great lubricant.

Mr Johnson campaigned for the official Vote Leave campaign in the 2016 EU Referendum and in recent days has faced off a private prosecution for his promise that the UK sends £350 million a day to the EU, claims that were later found to be false.

But, the former Foreign Secretary said he feels a sense of personal responsibility for delivering on the will of the British people.

He added: “I have a deep sense of personal frustration at the way the most important project in our lifetime has been going.”

Mr Johnson is among 11 other candidates making claims to become Theresa May’s replacement.

She stood down officially on Friday.

However, Mrs May will continue until a new candidate is selected, likely to be at the end of July.

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