The European Commission would move to strip Britain of its EU opt-outs and budget rebate if a second Brexit referendum resulted in a vote for Remain, The Telegraph has learnt.

Britain has opt-outs on EU asylum policy, membership of the single currency and the passport-free Schengen zone, an exemption from the EU’s Charter of Fundamental Human Rights, as well as some justice and crime policies.

Margaret Thatcher’s landmark EU budget rebate, worth an annual 66 per cent of the UK’s net contribution in the previous year, would also come into the Commission’s sights. According to the Treasury, the rebate was worth £4.9 billion in 2015.

The prospects of a second plebiscite appear to have improved slightly after Nigel Farage said on Thursday he thought another vote could be necessary to end the Brexit debate once and for all.

While the former Ukip leader’s comments have reignited discussion over the rights and wrongs of a second referendum in Britain, they were met with weary exasperation in Brussels.

One EU diplomat told The Telegraph: “Do what the f--- you want but stop d---ing around. We're moving forward and would appreciate some clarity on the matter.”