UK to Lose Passporting Rights Unless in EEA: ECB's Weidmann

The framework is created to facilitate the recognition of other regulatory frameworks as compatible with the rules for European Union member states. There is going to be a transition period for people and firms to adjust to the outcome of these negotiations, and keeping the transition smooth will avoid financial and economic disruption in Britain and Europe - as well as in the rest of the world. The threat has been echoed by a string of senior bureaucrats who have talked of the need to "punish" Britain for voting in favour of Leave to set an example to other nations which might be tempted to quit.

Speaking to reporters on the plane to New York, May said she wanted to hear what USA firms wanted from Brexit.

Mr Tice added: "The British people made it clear they wanted to leave the EU".

"This should be based around three principles which will better serve the interests of migrants, who are exposed to danger; the interests of the countries they are leaving, travelling through or seeking to reach; and, most importantly, the interests of refugees, for whom we all share a responsibility to help".

Leave Means Leave, supported by at least six of her own MPs, has added to the unrest over concerns Mrs May will not deliver a full Brexit - but instead a compromise to suit both Britain and the EU.

Membership requires that countries harmonize their financial rules, that they accept the free movement of European citizens, and that they pay into a central budget - conditions which are unlikely to be accepted by Eurosceptics.

"Unless we feel a guarantee that these people (living and working in Britain) are equal, we will veto any agreement between the European Union and Britain. If you reduce these relations to that of a third country, it will suppress economic growth in Britain".

First, if we take the top ten markets where the United Kingdom has a trade surplus only one of them, Ireland, is in the EU.

May has said she will wait until next year before triggering Article 50 of the European treaties, which would launch the formal two-year process for negotiating the terms of Brexit.

Number Ten was also keen to play down the idea of splits over Brexit strategy within the Cabinet.

The UK wants to retain access to the single market whilst having control of its borders.

Boris Johnson, a prominent campaigner to leave the European Union in the June referendum who is now foreign secretary, has said he expects Britain to retain its passporting rights, which allow financial companies to sell services around the bloc.

Today Mrs May will make an impassioned defence of the British public's decision to vote Leave on June 23.

The senior vice-president at Moody's, Simon Ainsworth, said incoming European Union financial services laws could provide alternative means of accessing the single market.