Theresa May’s new government has already begun preparing the ground for pioneering free trade deals with America and Australia potentially worth billions of pounds to the British economy.

The new Prime Minister spoke on Saturday to her Australian counterpart, Malcolm Turnbull, who said he was keen to strike a trade pact with the UK “as soon as possible”.

Mrs May said the early plan for a trade pact with Australia was “very encouraging” and showed that Britain would thrive outside the European Union.