The European Union is demanding that Britain rejoin the Erasmus student exchange program. Rejoining would cost British taxpayers an estimated £2 billion, according to previous government estimates.
Lord Frost, a former Brexit negotiator, argues that Erasmus is a net cost to the UK because more EU students study in Britain than British students study in Europe. He believes Britain's excellent universities and the use of English attract sufficient students without needing EU funding.
The UK replaced Erasmus with the Turing Scheme, a global exchange program. The EU insists that youth mobility schemes are not a backdoor for immigration.
Negotiations over a broader EU reset are ongoing, occurring simultaneously with the UK's recently announced trade deal with the US, which may impact industries previously affected by US tariffs. The EU has also prepared a list of US exports that would face tariffs if it cannot reach a separate deal with the US.