London and Brussels have agreed on a Brexit so-called divorce bill to the tune of €45-55bn, the Daily Telegraph reported on Tuesday.

The sum, if verified would be 13% of the total liabilities the UK has undersigned as an EU member state, in anything from pension costs for EU administrators to loans. Payments are to take place over a prolonged period of time.

The European Commission has offered no comment on the report.

The pound surged by 0,5% against the dollar during the day, as the news, if verified, suggests that a breakthrough is possible in the European Council of December 14-15.

Prime Minister Theresa May is to meet the President of the European Commission Jean-Claude Juncker and Michel Barnier this coming Monday for last minute talks. It is now speculated that David Davies may join the talks in Brussels.

The UK hopes the EU 27 will authorize moving on to trade talks, although the hurdle of Ireland has yet to be settled.

The Irish problem will not go away, as the Republic insists on “a road map” of how the UK intends to avoid a hard border between Northern Ireland and the Republic.