Prime Minister Theresa May will say today Britain is willing to pay €20 billion to the European Union during a post-Brexit transition period, but only if it has access to the bloc's single market, the BBC's political editor reported.

May, who is weakened after losing her party's majority in a June election, is due to make a speech in Italy setting out her vision for future ties with the EU. On Thursday she briefed her top ministers on the speech.

"UK willing to pay €20 billion during transition period but only if we have access to single market and some form of customs union," Laura Kuenssberg said on Twitter, citing a government source.

She added that this would not cover long term liabilities, so the eventual total bill for leaving the bloc could be far higher.

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