BREXIT BACKLASH: Hammond tries to slam brakes on Prime Minister’s exit strategy

The news comes as the European Central Bank prepares to provide a bail out to Italy over its debt crisis, while Deutsche Bank, Germany’s largest, has been hit by jaw dropping losses leaving it in a precarious position. 

Germany and the rest of the EU is heavy reliant on the UK for income for its manufacturing industries leading some to believe that the country will proactively accept concessions in the negotiations. 

Chancellor Angela Merkel has softened her approach to Britain leaving the EU administration in recent days.

She said: “Brexit is not just any event, it is a breaking point in the history of EU so we need to work out a very careful response.”

Mrs May will fly out to China next weekend to take part in a G20 summit of global leaders.

It has been reported she intends to use the world stage to set out her international relations strategy the first such meeting since she entered Number 10 last month.

European politicians will meet in Slovakia on September 16 to discuss Brexit. 

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