The British government has offered a new and improved financial settlement for Brexit in the hope of accelerating progress towards trade discussions.

Prime minister Theresa May's government has pledged to pay a significant amount to settle its outstanding commitments to the EU, to be paid upon the country's departure from the union. The Guardian reports that the amount could be between €60 billion and €65 billion.

This would be used to cover the UK's unpaid bills, loans, pension and other liabilities accrued over 44 years of EU membership, with the nature of this payment having represented a significant sticking point during the Brexit talks to date.

Britain is keen to begin talks over a new post-Brexit trade deal with the EU as soon as possible to make sure arrangements are in place before the country leaves in March 2019, with continued UK membership of the European single market and customs union having been ruled out.

However, the EU wishes to confirm a plan for the so-called "divorce bill" before this can take place, while it has also stated that uncertainties over the rights of EU citizens in the UK and the management of the Irish border need to be clarified first.