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The issue of the UK’s financial settlement (the so-called ‘Brexit Bill’) has emerged as the most contentious issue for the first phase of negotiations in the UK’s withdrawal from the European Union. The European Commission’s negotiating mandate makes clear that a methodology for calculating these liabilities must be agreed before the negotiations can progress to the next phase. For the UK, meanwhile, a substantial exit bill may prove politically difficult. This note examines the possible components of the Brexit Bill, and assesses the widely reported estimate of €60 billion.