Lord O’Neill of Gatley said that Britain should be looking to Brazil, Russia, India and China for trade deals

Theresa May’s strategy of wooing the Commonwealth for post-Brexit trade is “embarrassing”, a former Treasury minister has said.

Lord O’Neill of Gatley said that “Greece is bigger than New Zealand. Banging on about a free trade deal with New Zealand is going to make zero difference to Britain’s future in terms of trade.”

Lord O’Neill, who until September, as commercial secretary to the Treasury, had spearheaded efforts to drum up trade with China and emerging economies, said that the UK should look for opportunities in the “Bric” nations of Brazil, Russia, India and China.

The Times has revealed plans to boost trade links with African Commonwealth nations in a strategy labelled “empire 2.0” by sceptical officials.

Lord O’Neill said that the decision to leave the