Donald Trump's new trade chief has urged Britain's rivals to take advantage of the "God-given opportunity" of Brexit to take business away from the UK, according to a report.
Wilbur Ross, the US commerce secretary designate, said Britain was facing a "period of confusion" following the vote to leave the EU and that it was "inevitable" there would be "relocations", according to The Times.
The billionaire businessman will be responsible for negotiating a free trade deal with the UK and his reported comments will raise concerns the incoming US administration will seek to exploit Britain's isolation following Brexit.
Ross made his comments to an audience of Cypriot financiers in the days following last June's referendum vote - before he had been appointed to Trump's cabinet.
He is said to have added that the UK's withdrawal from the EU was a "God-given opportunity" for financial rivals of London, naming Frankfurt and Dublin in particular.
News that makes sense
Your trusted source for staying up-to-date with the world around you. Get free daily news updates and analysis, straight to your inbox.
Labour said his comments, should be a "salutary warning" that other countries were ready to take advantage of the UK's vulnerability post-Brexit.
Shadow international trade secretary Barry Gardiner told The Times: "Wilbur Ross's comments are a stark reminder that the trade deals Britain will agree in future will not depend on goodwill from our partners, but on their own shrewd political and economic calculations.
"Theresa May's government has failed to articulate a coherent vision of what kind of economy Brexit Britain will be. This makes us weak and vulnerable in the eyes of others."
