David Davis just suggested Britain could pay for single market access after Brexit: Here's what you need to know

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David Davis has said Britain could continue paying into Brussels after it has left the European Union to secure access to the single market, making him the first Government minister to openly signal money could be handed over to Brussels.

Addressing MPs during Commons questions, the Brexit Secretary said he wanted to "get the best possible access for goods and services to the European market".

Handing the money will mean Britain will continue to enjoy favourable trading terms with the remaining 27 member states.

Here's everything you need to know:

What exactly did Davis say to MPs?

Brexit Secretary David Davis speaks during a debate on Brexit in the House of Commons
(PA)

Davis said it was imperative to get the "best possible access" so Britain can continue its trade with EU states.

He told the House: "The simple answer we have given to this before is, and it's very important because there is a distinction between picking off an individual policy and setting out a major criteria, and the major criteria here is that we get the best possible access for goods and services to the European market.

"If that is included in what you are talking about then, of course, we would consider it."

How did the politicians react?

(Gareth Fuller/PA)
(Gareth Fuller/PA)

Liberal Democrats leader Tim Farron said his comments underlined the need for ministers to spell out clearly what their plans were for Brexit while Iain Duncan Smith claimed Davis had given a "convoluted" answer.

Lord Liddle, former adviser to Tony Blair, called for Britain to remain in the European single market after Brexit, saying continued "full participation" in the single market was the best solution and in the national interest.

How much would it actually cost the UK to leave the EU?

EU flag hangs next to a Union Jack (Stefan Rousseau/PA)
(Stefan Rousseau/PA)

According to Change Britain, a group which was set up in the wake of the referendum to campaign on the terms of Britain's departure, it could cost the UK an extra £850 million to stay in the single market.

The campaign group believes the UK must quit the single market when it leaves the EU on the current 2019 timetable to avoid being landed with extra bills.

It claims that remaining part of the trading agreement would leave the country "almost certainly" having to pay into the budget in the same way it does now.

What do people make of it?

pound coins and a ten pound note
(Joe Giddens/PA)

For starters, the pound surged following Davis's statement.

Sterling was up 1% against the dollar at 1.26, its highest level in three weeks. Against the euro, the pound surged 0.63% to 1.18 euro, aided by the eurozone currency's struggles in the face of the Italian referendum on Sunday.

Some are still questioning the referendum result:

A few others are worrying whether agreeing to pay is a good idea: