Britain’s Secretary of State for leaving the EU David Davis. Photo: Reuters

INTERNATIONAL - According to The Telegraph newspaper, such an offer is the only way out from the current deadlock in Brexit negotiations with Brussels.

London is ready to pay this sum if Brussels agrees to negotiate the financial settlement as part of an agreement on future UK’s relations with the bloc, including a trade deal, Whitehall sources told the media outlet.

In May, The Financial Times newspaper reported that the EU had increased its demands regarding the UK's financial obligations up to some $109bn (R1.46trillion), compared to some $64bn announced by European Commission President Jean-Claude Juncker in early March.

UK Brexit Secretary David Davis then said that London may withdraw from Brexit talks with the EU if Brussels retains its requirement for the United Kingdom to pay over $109bn. However, Brussels has not submitted its final demand yet.

UK Foreign Secretary Boris Johnson said in July that the amount of money the EU could demand from the United Kingdom as a Brexit divorce payment was “extortionate.”

Another source confirmed to the media outlet that the final sum of the deal amounts to $35 to $47bn.

Brexit negotiations started officially on June 19 in Brussels.