Britain could end up giving EU fishing fleets access to its waters in exchange for favourable terms on the continent for City financiers, the bloc's trade chief has suggested.

Phil Hogan, the Irish commissioner who will be one of the key figures in the next round of Brexit talks, said there would be "trade-offs" to make in talks with both sides seeking concessions in different areas.

The suggestion is likely to enrage Brexiteers, who see fishing rights as a major part of British sovereignty – despite the industry's marginal role in the UK economy, accounting for just 0.1 per cent of GDP.

“There certainly will be trade-offs, particularly at the end of the negotiations," Mr Hogan, the EU's trade Commissioner told the Irish Independent.

"The EU will be seeking concessions on fishery access and the UK will very probably be seeking concessions on financial services.”

Some Brexiteers have made grand promises about the effect of leaving the EU on Britian's fishing industry. Tory MP Peter Aldous told the BBC's Today programme only this week that there would be a "sevenfold" increase in the amount of fish that could be caught by UK fishermen.

"We’d see a sevenfold increase of what our quota stocks, those fishing stocks that are subject to quota, are and can actually be caught by UK vessels in the south and north sea," the Waveney MP told the programme.

But the EU is insisting that fishing access must be part of any basic trade agreement signed by the end of the year – and has said it will be willing to defend its own interests. Boris Johnson has set himself a cliff-edge to secure an agreement by the end of the year, so will be under pressure to sign to avoid a no-deal on WTO terms.

But Fishing rights are important to some countries like France, which makes use of British waters – meaning EU leaders will also want to avoid no-deal at the end of the year if possible.

The City of London, Britain's financial centre (AFP)

Key parts of Britain's financial services sector will be largely locked out of EU markets after Brexit unless special agreements can be drawn up. The changes are already hitting some businesses: on Tuesday French oil company Total announced it was moving its London-based treasury department back to Paris because of Brexit. The group had moved operations to London in 2013.

Bizarre: Boris Johnson drives 'Brexit' digger through boxes Show all 8 1 /8 Bizarre: Boris Johnson drives 'Brexit' digger through boxes Bizarre: Boris Johnson drives 'Brexit' digger through boxes Conservative party leader Boris Johnson drives a JCB through a fake wall POOL/AFP via Getty Images Bizarre: Boris Johnson drives 'Brexit' digger through boxes Prime Minister Boris Johnson during a visit to JCB cab manufacturing centre in Uttoxeter, while on the General Election campaign trail. PA Photo. Picture date: Tuesday December 10, 2019. See PA story POLITICS Election. Photo credit should read: Stefan Rousseau/PA Wire Stefan Rousseau PA Bizarre: Boris Johnson drives 'Brexit' digger through boxes Britain's Prime Minister and Conservative party leader Boris Johnson drives a Union flag-themed JCB, with the words "Get Brexit Done" inside the digger bucket, through a fake wall emblazoned with the word "GRIDLOCK", during a general election campaign event at JCB construction company in Uttoxeter, Staffordshire, on December 10, 2019. - Britain will go to the polls on December 12, 2019 to vote in a pre-Christmas general election. (Photo by Ben STANSALL / POOL / AFP) (Photo by BEN STANSALL/POOL/AFP via Getty Images) BEN STANSALL AFP via Getty Bizarre: Boris Johnson drives 'Brexit' digger through boxes Prime Minister Boris Johnson sits in a cab of a JCB during a visit to its cab manufacturing centre in Uttoxeter, while on the General Election campaign trail. PA Photo. Picture date: Tuesday December 10, 2019. See PA story POLITICS Election. Photo credit should read: Stefan Rousseau/PA Wire Stefan Rousseau PA Bizarre: Boris Johnson drives 'Brexit' digger through boxes Britain's Prime Minister and Conservative leader Boris Johnson drives a Union flag-themed JCB, with the words "Get Brexit Done" inside the digger bucket, through a fake wall emblazoned with the word "GRIDLOCK", during a general election campaign event at JCB construction company in Uttoxeter, Britain, December 10, 2019. Ben Stansall/AFP/Pool via REUTERS POOL REUTERS Bizarre: Boris Johnson drives 'Brexit' digger through boxes A sign made for a visit by Prime Minister Boris Johnson to the JCB cab manufacturing centre in Uttoxeter, while on the General Election campaign trail. PA Photo. Picture date: Tuesday December 10, 2019. See PA story POLITICS Election. Photo credit should read: Stefan Rousseau/PA Wire Stefan Rousseau PA Bizarre: Boris Johnson drives 'Brexit' digger through boxes Britain's Prime Minister and Conservative party leader Boris Johnson drives a Union flag-themed JCB, with the words "Get Brexit Done" inside the digger bucket, through a fake wall emblazoned with the word "GRIDLOCK", during a general election campaign event at JCB construction company in Uttoxeter, Staffordshire, on December 10, 2019. - Britain will go to the polls on December 12, 2019 to vote in a pre-Christmas general election. (Photo by Ben STANSALL / POOL / AFP) (Photo by BEN STANSALL/POOL/AFP via Getty Images) BEN STANSALL AFP via Getty Bizarre: Boris Johnson drives 'Brexit' digger through boxes Britain's Prime Minister and Conservative party leader Boris Johnson reacts as he sits in the cab of a drives a Union flag-themed JCB, after driving through a fake wall emblazoned with the word "GRIDLOCK", during a general election campaign event at JCB construction company in Uttoxeter, Staffordshire, on December 10, 2019. - Britain will go to the polls on December 12, 2019 to vote in a pre-Christmas general election. (Photo by Ben STANSALL / POOL / AFP) (Photo by BEN STANSALL/POOL/AFP via Getty Images) BEN STANSALL AFP via Getty

EU diplomats from member states discussed the bloc's approach to fishing rights in negotiations as part of seminars with Commission officials on Tuesday morning.