Financial sector is priority for United Kingdom in Brexit negotiations

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But this is not a precise forecast, and there remain many factors that could change these scenarios for better or worse - not least the precise details of any deal negotiated with the European Union, or other countries.

In an interview with the German newspaper Die Welt that was supposed to round off a three-day charm offensive aimed at rallying German support for a future trade deal, Hammond complained that politicians across Europe were still fixated on punishing Britain for the outcome of the 2016 referendum. "But we don't hear that from Europe".

"Maybe, just maybe, I'm reaching the point of thinking that we should have a second referendum. on European Union membership", Mr Farage told Channel Five's The Wright Stuff programme.

Asked if a soft Brexit would encourage other countries to leave, the Chancellor said: "I can understand that paranoia". But imagine you are running a successful, thriving club. "The completion of the first phase of the talks must have given them confidence", he added.

German automobile industry could expect a loss of up to $4.6 billion in the Brexit year, because of the close interdependence of the suppliers with auto makers in Germany, Britain and other European Union countries, said the report named "hard Brexit and supply chain".

The Chancellor said it was not a "realistic proposition" for the United Kingdom to accept a post-Brexit trade deal that does not include services and that the European Union would be "crazy" to cut itself off from the City.

"One of the things I think Michel Barnier is looking at is that Germany needs to make sure that an emerging free and independent British market is controlled for the next 50 years".

The demand for German vehicle parts used in Britain is high, with German manufacturers supplying the British automobile industry directly, and also indirectly involved in the production of German and other European cars which are exported to Britain, stated a report from Xinhua.

Speaking after a meeting with EU Brexit negotiator Mr Barnier and members of a British pro-Leave delegation, Mr Gill said: "This trade deal, if we enter it on bad circumstances, will do just that: it will basically hold us back from trading with the world".

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