Theresa May preparing €20bn Brexit bill offer - reports

Theresa May is preparing to offer the EU €20bn to settle a post-Brexit divorce bill with the bloc, according to reports ahead of the Prime Minister's speech in Florence on Friday.

May’s top EU adviser Olly Robbins has informed several European leaders that Friday's speech will include the offer, the Financial Times reported.

The figure of €20bn has been chosen as it would plug a post-Brexit gap in the bloc's finances until 2020, though previous estimates of a so-called divorce bill for Brexit have ranged from €60bn to €100bn.

Expectations are for May to use the Florence speech to provide more details about the UK’s departure from the EU after talks between both sides’ negotiating teams stalled in recent weeks over issues including the divorce bill and citizens’ rights.

May will be hoping that the €20bn olive branch will kickstart the discussions again, although a spokesperson from 10 Downing Street said on Wednesday the figure was "pure speculation".

Moreover, EU leaders are said to see such payments as a given and are also keen to charge the UK for its 'past debts'.

The government has come under pressure this week as reports circulated that foreign secretary Boris Johnson was considering quitting the cabinet over a rift with May on its Brexit strategy. The former London mayor has denied the reports.

Johnson had reportedly told friends that he would be forced to leave the front bench if the Prime Minister was to accept a single market arrangement similar to that of Switzerland, one which would see the UK continue to pay for EU access.

In an attempted display of cabinet unity, the Foreign Secretary will travel to Florence for the Brexit speech alongside Chancellor Philip Hammond and Brexit Secretary David Davis.