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Britain agrees cost of leaving the EU

The UK has agreed a deal with EU negotiators over the cost of leaving the union, according to reports.

Sources from both the UK and EU have finalised the quantum of the so-called Brexit bill.

Markets reacted positively with sterling rising around one per cent to $1.333 within minutes.

A final figure of between €45bn (£39.9bn) and €55bn has been agreed by the parties, reports by the Daily Telegraph stated – less than €60bn demanded by the EU. The reports suggested the final figure has been deliberately being left open to interpretation.

Read more: Ministers poised to sign off new Brexit bill offer

Agreeing a deal will come as a relief to Prime Minister Theresa May, who is due to meet European Commission president Jean-Claude Juncker at a key lunch meeting on Monday.

An agreement on the final figure was reached at a meeting in Brussels late last week, following discussions led by the UK's chief Brexit negotiator Oliver Robbins.

A spokesperson for the Department for Exiting the EU said: "Intensive talks between the UK and the European Commission continue to take place in Brussels this week as we seek to reach an agreement.

"We are exploring how we can continue to build on recent momentum in the talks so that together we can move the negotiations on to the next phase and discuss our future partnership."

Read more: David Davis risks contempt of parliament over Brexit impact reports

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