Shadow Chancellor John McDonnell told Bloomberg Labour’s plan for Brexit is to create a single market and a customs union that are roughly the same as the ones already in place. 

He said: “We want to be as close to the single market as we possibly can to get tariff-free access and also to ensure that we protect jobs and the economy overall. 

“With regards to the Customs Union, a Customs Union, again exactly the same."

Mr McDonnell added: “We think we are the only party that can bring together our country again. The country was really divided over Brexit. 

“We’ve got to reach what we think is a traditional British compromise which brings both sides together, those who voted to leave and those who voted to remain, in a compromise which is trying to get the best we possibly can in terms of protecting jobs and the economy and that means the benefits of the single market and the customs union but overcoming some of the perceived disbenefits that motivated people to vote for Brexit.”

The Shadow Chancellor also explained the Labour party wants to move the Bank of England out of London and perhaps to Birmingham if they win the next election.

He said the move would be an important symbolic shift to make people realise not every decision for the country is made in London.

On Friday Prime Minister Theresa May and Mr Jean-Claude Juncker reached the end of the first stage of the Brexit negotiations.

A Brexit report was published soon after their agreement which opened up the possibility of the UK to staying in the single market and the customs union through vague wording in one clause. 

The report has been criticised by many hard-Brexiteers for its ambiguity.

Nigel Farage said he was “furious at Theresa May over the deal with the EU” on Friday. 

The deal included a number of compromises such as the UK agreeing to pay a divorce bill of approximately £40billion.

The deal also means the European Court of Justice will continue to have jurisdiction over the UK until 2027.