Britain could owe the EU the catastrophic figure if Brussels suffers a collapse before Brexit takes place. According to research from the Brexit Party MEP Robert Rowland, the EU could call on the UK to hand over hundreds of billions of pounds if the European bloc crumbles. The warning will send shockwaves to Westminster, after Brussels granted the country yet another extension yesterday.

The extension will see Brexit pushed back to January 31. 

Mr Rowland warned that Britain had to leave immediately before the EU is struck by another economic crisis. 

He told fellow Brexit Party MEP Jake Pugh in a video uploaded onto Twitter that the EU could call on the UK to pay up to €500billion (£430billion) if the bloc crumbles.

The MEP also explained that even just a eurozone crisis may cost the country around  €37billion (£32billion) under the deal struck by Boris Johnson.

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Mr Rowland said: “We own 16.1 percent of the EIB and we put in originally £3.5billion euros in 1973. That figure equates in current pounds terms to over £30billion.

“Under May’s deal, we would be granted the original €3.5billion back over 12 years. However, our stake is now worth over €11billion.

“We have gotten nothing back. The EU has retained our €8billion profit.

“We could be left with a liability of €37billion in case that the EU or the eurozone has another crisis.”

Jake Pugh responded: “So we could be called on to pay that at any time?”

Mr Rowland responded: “It underpins the EIB in the case of another crisis over the next 12 years. 

“That is why we want a no deal, so we can remove ourselves from this liability

“It could be even worse with an exposure to a huge liability of €500billion in the event of a total EU meltdown.”

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Mr Pugh added: “We need all our money, all our profits, and no ongoing liability to the EU.”

Mr Rowland later tweeted: “This deal still does not recover our retained capital of €8billion and leaves us exposed to at least €37.5billion and maybe €500billion in event of eurozone meltdown.”

The MEP said he was “convinced” that the EU will suffer another crisis within the next few years, plunging the UK economy into uncertainty. 

He added: “Everything the previous Government did was done in order to smooth our reentry into the EU a later date, I am convinced of that.”

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