The Tánaiste is to brief Cabinet colleagues today on the country’s preparations for Brexit.

Officials say Simon Coveney will bring a memo outlining the current situation in the UK after talks between the Conservative and Labour parties broke down without any resolution.

It comes as the UK Chancellor Philip Hammond prepares to deliver a speech accusing Brexiteers of attempting to "hijack the result of the referendum.”

Mr Hammond will tell the annual dinner of the CBI business group tonight that there is "no mandate for a no-deal exit" – which remains the default option should UK politicians fail to agree on a way forward.

He will say that "all the preparation in the world will not avoid the consequences" of a ‘no-deal’ Brexit – which he will warn would “knowingly” damage the British economy and living standards.

Meanwhile, the British Prime Minister Theresa May is set to brief her own government on what Downing Street officials are calling a “bold” new Brexit offer to MPs.

The offer is expected to address issues including future trade, environmental protections, workers rights and Northern Ireland – including a return to the idea of using technology to avoid the need for a border.

The UK government is expected to hold a further series of indicative votes in the coming days – with Conservative MPs potentially being offered a free vote on any proposal to put the deal to a second referendum.

The severity of Brexit is set to dominate the race to replace Mrs May as Tory leader.

One of those in the running, the former work and Pensions Secretary Esther McVey has warned that it is "essential" that the UK leaves October 31st.

She has insisted that there will be "no more backsliding" and claimed that "if it means without a deal, we'll be out."

However, a group of around 60 Tory MPs have set up a "One Nation Conservatism" group that will attempt to block a no-deal candidate winning the contest.

#EU27 consultations in #Cyprus today to meet w/ President @AnastasiadesCY, Foreign Min. @Christodulides & House of Representatives. An orderly withdrawal remains the best basis of trust for the future. EU is ready to be more ambitious in the political declaration if UK so wishes. pic.twitter.com/SNXOvvB9Bs — Michel Barnier (@MichelBarnier) May 20, 2019

The EUs chief negotiator Michel Barnier has again warned that an orderly withdrawal remains “the best basis of trust for the future.”

He said the EU is “ready to be more ambitious in the political declaration if UK so wishes.”