Controversial divorce bill set by given to Britain may spell doom for both parties

The battle line may have been drawn with the EU’s insistence that for any deal to be reached, Britain must first and foremost pay up its own share of the blocks liability which the UK was already committed to before Brexit.

But the British Government on their own part also said the EU cannot force any of divorce bill of such magnitude on them, saying they will match their assets and liabilities and perhaps pay if there is any balance at the end of the day.

The Brexit negotiator has also arranged in order of priority how he wants the divorce to be conducted. First among his priorities is the issue of the fate of all EU nationals residing in the UK and vice versa, in order to end the tension and uncertainties being raised by to date.

Despite the fact that he declined to put a number on the sum of money to be requested, EU officials have previously pointed to figures of up to £52bn.

Such a demand has already been terminated as "absurd" by International Trade Secretary Liam Fox, while other ministers have also rejected such a bill.

"The quicker we agree on the principles ... the sooner we can prepare these future relations," he said.

"Conversely, if we do not end these uncertainties and push them to the end of negotiations, we will be headed for failure."

Point out specifically on the subject of a divorce bill for the UK, he added: "Each country must honour its commitments to each other.

"When a country leaves the union, there is no punishment. There is no price to pay to leave. But we must settle the accounts.

"We will not ask the British to pay a single euro for something they have not agreed to as a member.

"In the same way, the 27 will also honour their commitments concerning the United Kingdom, its citizens, companies and regions. This is the mutually responsible way to act.

"If I may quote one of the greatest men of European history, Winston Churchill: 'The price of greatness is responsibility'.

"That is true for Britain and for us."

He also showed backing for a so-called "honeymoon" period to allow both the EU and UK to get to grips with the demands of a deal before being fully implemented.

The Prime Minister has previously threatened to walk away from negotiations if she deems it necessary, saying "no deal is better than a bad deal".

But Mr Barnier warned that no deal threatened to hit everyday business for firms and consumers \

alike with "very severe" air traffic disruption and long queues at customs - hitting supplies for UK industry among some of the immediate implications.