Britain and the European Union are capable of reaching a long-term trade deal covering both goods and services by the end of this year, the UK finance minister Sajid Javid said today.

Speaking at panel discussion in Davos, Mr Javid dismissed suggestions from the EU that this is unrealistic. 

"I've had a number of discussions with my European colleagues and there is a strong belief on both sides that it can be done," Mr Javid said in a panel discussion with US Treasury Secretary Steven Mnuchin and International Monetary Fund managing director Kristalina Georgieva. 

"It can be done for both goods - where we want to see free trade with zero tariffs, zero quotas - but also on services," he added at the forum in Davos in Switzerland.