Media reports alleging that UK Prime Minister Theresa May’s administration was ready to pay up to 40 billion euros ($47.2 billion) for its withdrawal from the European Union are not true, according to an anonymous source cited by the Guardian.

A source in UK Prime Minister Theresa May’s administration refuted Monday in a media statement earlier reports saying the country was ready to pay up to 40 billion euros ($47.2 billion) for its withdrawal from the European Union.

On Saturday, the Telegraph newspaper reported, referring to sources in the UK government, that London was ready to pay up to 40 billion euros in its financial obligations to the European Union after United Kingdom’s departure from the bloc.

The Guardian reported Monday, citing a source at the prime minister’s residence at Downing Street, that the earlier report was an “inaccurate speculation.” According to the source, such a high bill is unacceptable for either the government or Brexit voters.

In May, The Financial Times newspaper reported that the European Union had increased its demands regarding the United Kingdom’s financial obligations up to 100 billion euros from the 60 billion euros initially announced by European Commission President Jean-Claude Juncker in early March. UK Brexit Secretary David Davis then said that London may withdraw from Brexit talks with the European Union if Brussels retains its requirement for the United Kingdom to pay over 100 billion euros. However, Brussels has not submitted its final demand yet.

On June 23, 2016, the United Kingdom voted to leave the European Union in a referendum. Brexit negotiations between the United Kingdom and the European Union officially kicked off on June 19, and are due to be completed by the end of March 2019.

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