Prime Minister Theresa May denied reports Friday morning that the U.K. had increased its financial offer to the European Union as part of its steps to leave the bloc.

"What I've made clear to my EU counterparts in relation to financial contribution is what I set out in my Florence speech, which is that I've said nobody need be concerned for the current budget plan that they would have to pay more or receive less as a result of the U.K. leaving and that we will honor the commitments we have made during our membership," Prime Minister Theresa May told reporters in Brussels Friday morning.

Back in September, May said publicly for the first time that the U.K. would honor all of its financial commitments before leaving the EU. This is one of the most sensitive issues in the Brexit negotiations given that the remaining 27 EU countries do not want to contribute more or receive less money from the EU budget as a result of the U.K.'s departure.

Despite the public words, the U.K. hasn't until now outlined a proposal for calculating the amount that it has promised to the EU throughout its membership. The EU wants a proposal on the table and a deal on this issue before proceeding with talks on their future trading relationship.

"Now there needs to be detailed work on this… We are going through them line by line, will continue to go through them line by line," May told reporters about the U.K.'s proposal for a financial settlement.