Britain is not under any legal obligation to pay cash to the European Union after Brexit, a cross party committee of peers has found.

The European Commission has threatened to force the UK to make payments worth £50billion over four years after leaving as part of a “hefty” exit bill.

But House of Lords EU Financial Affairs Sub-Committee said in a report published today that “under international law the UK will not be legally obliged to contribute to the EU budget if an agreement is not reached at the end of Article 50 negotiations”.