UK Prime Minister Theresa May has urged her European Union counterparts to consider a special access deal for "the world's most significant financial centre," as she warned the time had come to “face up to some hard facts” about Brexit.

May, who demonstrated a marked shift in tone in her fourth major speech on Brexit in London today, said the UK had a responsibility to retain the stability of the City, whose firms are waiting anxiously for details on the country's future trade deal with the EU.