Donald Trump’s trade chief has urged Britain’s rivals to exploit the “God-given opportunity” of Brexit to steal business from the UK.

Wilbur Ross, the billionaire incoming commerce secretary, has the task of striking a free trade deal with Britain. His comments will increase fears that the US will seek to take advantage of British isolation after its departure from the European Union.

Brexiteers such as Iain Duncan Smith and Jacob Rees-Mogg have asserted that Britain is well placed to secure a free trade agreement with the US, our largest single trading partner.

However, the remarks from Mr Ross suggest that US negotiators will seek to exploit Brexit uncertainty to tempt financial companies away from London. Days after the referendum, he urged an audience of Cypriot