The UK will no longer contribute "huge sums" to the EU after a Brexit, Theresa May announced on Tuesday (17 January). The British prime minister said her government will make the move because the UK will not seek membership of the EU's Single Market.

"And because we will no longer be members of the Single Market, we will not be required to contribute huge sums to the EU budget," she said.

"There may be some specific European programmes in which we might want to participate. If so, and this will be for us to decide, it is reasonable that we should make an appropriate contribution. But the principle is clear: The days of Britain making vast contributions to the European Union every year will end."

The address at the Foreign Office's Lancaster House comes around two months before May plans to invoke Article 50 – the mechanism to break from Brussels – and trigger talks with the EU.

May ruled out a "half-in, half-out" split from the economic and political bloc following the UK's vote to leave the EU at a 23 June referendum.