Liam Fox has insisted the UK could “survive” without a post-Brexit free trade deal with the European Union.

The International Trade Secretary downplayed the importance of the UK doing a deal with the EU on future trading arrangements but said a new agreement should be “one of the easiest in human history”.

His comments are in stark contrast to the view expressed by Philip Hammond, the Chancellor, who said that no deal would represent a “very, very bad outcome” for Britain.

Dr Fox told BBC Radio 4’s Today programme that while he wanted a new deal to be done it would not be the end of the world if an agreement could not be reached.