The newspaper states that a payment of between €45bn and €55bn will be made by the UK as a settlement payment for leaving the EU.

The decision was reportedly made last week in Brussels, and the Daily Telegraph cites two sources claiming the payment was reached.

There were three aspects of phase one of negotiations between the UK and the EU over Brexit.

The nicknamed ‘divorce’ settlement is the first part of phase one negotiations, however the issue of the rights of EU citizens in the UK and the Irish border post-Brexit still remain to be negotiated.

Every aspect of phase one of negotiations must be completed before the UK can progress to phase two of talks, which will focus on future trade deal.

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