Britain could pay as little as £5billion to leave the European Union in two years’ time, analysis by chartered accountants has found.

The estimate is a boost for Theresa May, the Prime Minister, and her Brexit secretary David Davis, who have been pushing back against claims the final bill could be as high as Eur100billion.

Brussels officials are demanding that Britain agrees to pay a 'divorce' bill to cover the cost of outstanding commitments when it leaves the EU.

A major study by the Institute of Chartered Accountants in England and Wales looked at the “main components” of the likely bill for the UK when it leaves the EU in March 2019.

Taking into account rebates owed to the UK, EU spending commitments and other costs it came up with three “next exit charges” – a “low scenario” of £5billion, a “central scenario” of £15billion and a “high scenario” of £30billion.