The influential Treasury Committee has launched an inquiry into the UK's future economic relationship with the European Union, including how prepared the country is for a no deal Brexit.

The announcement comes as EU leaders gather in Brussels today — without UK Prime Minister Theresa May — to discuss the exit talks so far. There have been some promising signs from the meeting, with European Council president Donald Tusk saying they had given the go ahead to preparations for trade negotiations. German Chancellor Angela Merkel suggested formal trade discussions could start in December.