Britain could rejoin the European Union in the future, Jacob Rees-Mogg has admitted.

The leading Eurosceptic said any decision to reverse Brexit “would be a matter for the electorate”.

However, he said the result of the 2016 EU referendum “must be respected and it must be implemented” as he resisted calls for the Government’s Brexit deal to be put to a “peoples' vote”.

Meanwhile, he expressed caution about UK officials being invited to take part in a new round of EU budget negotiations for the period up to 2027.

He said there was a danger that Britain could “begin to take responsibility for decisions” and then “get a bill at the end” of the process.

Mr Rees-Mogg left the door open to rejoining the bloc in a phone-in on LBC Radio.