French president Emmanuel Macron has rejected the idea of a tailored Brexit deal for the City, insisting Britain will not be allowed full access to European Unionmarkets, including financial services, unless it pays into the EU budget and accepts all its rules.

Macron delivered the tough message at the end of a joint press conference with Theresa May at Sandhurst military training college on Thursday. A day-long UK-EU summit was held to underline the close relationship between the two countries after earlier news of a £45m British boost to border security in Calais.

Financial services is one of the sectors in which France hopes to seize an increased share of the EU market after Brexit. City firms are concerned about new trade barriers, including the loss of so-called “passporting” rights, that allow them to operate throughout the EU from headquarters in London.