Brexit BOMBSHELL: EU exit delay could see UK lose BILLIONS and hand Gibraltar ...

Brexit news Theresa May“Asking for an Article 50 extension would be a terrible, terrible idea" (Image: GETTY )

The report was produced by Martin Howe QC for pro-Brexit group Lawyers for Britain. Shadow Foreign Secretary Emily Thornberry called for Brexit to be postponed last week to give more time for talks. Chancellor Philip Hammond has also previously suggested the UK’s departure could be delayed.

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To extend Article 50, the official EU exit mechanism, the UK would need the permission of every other EU member state.

Some of these may demand concessions in return.

Mr Howe explained: “Quite apart from what the EU as a whole may have concerns about, each individual member state may have demands of its own.

“Asking for an Article 50 extension would be a terrible, terrible idea.

He suggested Spain could demand sovereignty over Gibraltar, currently a British Overseas Territory, in return.

READ MORE: May HITS BACK over Corbyn’s soft Brexit demands

Brexit news Theresa MayTheresa May is pushing for concessions from Brussels on the customs union backstop (Image: GETTY )

Mr Howe also indicated Germany could demand the UK guarantee payment of the £39billion Brexit divorce bill.

Currently the

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