EU nations have “ample room” to keep trading in financial services with the UK after Brexit even within the current international rules, and there is no need to build any barriers between the continent and its finance hub, according to the Organisation for Economic Co-operation and Development (OECD).

Shutting out Britain, which would risk starving the EU of the capital vital to its economy and breaking up the valuable City of London, is entirely unnecessary, the international group said in its annual business and finance outlook.

All 35 OECD members states agree to a Code of Liberalisation and the group argues that, if the members follow this mutual agreement, they can carry on operating smoothly - though that may rely on them staying on good terms.