Britain will be paying the EU for another 46 years

Photo by Leon Neal/Getty Images

Prime Minister Theresa May.

LONDON - Britain will not pay off its Brexit divorce settlement until the year 2064 - 46 years from now - according to the latest economic forecasts from the Office for Budget Responsibility.

The UK government has agreed to pay £37.1 billion to the European Union as part of its departure from the bloc, in order to pay off financial commitments it signed up to prior to the British public voting for Brexit.

However, the OBR has revealed today this sum will be paid off via staggered contributions lasting to the year 2064.

The UK will pay £16.4 billion to the EU between the years of 2019-2010; £18.2 billion between 2021 and 2018; and £2.5 billion spread out between 2019 and 2064, according to ORB estimates, which you can read here.

Here is the key graph:

Office for Budget Responsibility

Prime Minister Theresa May has repeatedly insisted that Brexit will mean Britain taking back control of its laws, borders and money. 

"The agreement we reach with the EU must respect the referendum. It was a vote to take control of our borders, laws and money," she said in her most recent keynote speech on Brexit negotiations.

However, today's figures suggest that Britain will continue making financial contributions to Brussels decades after ceasing to be a member state.

Another chart showing how long Britain will continue to pay into the EU pot:

The ORB figures formed the basis of Chancellor Philip Hammond's Spring statement, which was unveiled shortly after lunchtime on Tuesday. They do not account for future payments Britain may make in exchange for access to the single market or participation in European agencies.