Britain will cut taxes and slash tariffs under secret plans drawn up by officials to kick-start the economy in the event of a no-deal Brexit.

Sir Mark Sedwill, the Cabinet Secretary, has led a cross-departmental team examining the "economic levers" that can be used to make Britain more competitive.

The plans, which have been drawn up under the codename "Project After", include a series of aggressive policies to help the UK "steal a march" on the European Union.

The most significant measures include cuts to corporation tax and VAT along with further tax relief to encourage more business investment.

According to the Financial Times, work on the plans to make the UK began shortly after the referendum at the Department for International Trade but were subsequently widened.

The list of policy options was completed at the end of last year. Officials also drew up plans to slash environmental regulations and labour laws, but these were shelved after the Prime Minister pledged not to weaken standards after Brexit.