They also fear U.K.-based financial firms will lose the right to conduct business across the bloc. Browne said tariffs would hurt both Britain and the EU, but that economic arguments might lose out amid hardening political rhetoric from both sides. EU leaders have said ending free movement will make it impossible for the U.K. to stay in the single market. The British government said in a statement that it was "keenly aware of the importance of the financial services sector to the U.K. It said British officials "have the resources required to get the best deal for the U.K."

Source: ABC News October 23, 2016 09:33 UTC