A so-called Swiss-style relationship with the EU is being considered by senior UK government officials as a means to ease trade barriers following the 2020 Brexit decision, The Times reported.

The newspaper reported that numerous members of Prime Minister Rishi Sunak's cabinet want to establish streamlined economic ties with the EU by adopting the "Swiss model," which entails signing a number of bilateral agreements with Brussels. Behind closed doors, authorities stated that the change should occur over the following ten years and that it would be advantageous for all parties.   

Government officials emphasized that the arrangement would not include freedom of movement.

According to Downing Street officials, the EU is becoming increasingly eager to enable strong economic links with the UK as a result of high inflation.

Hardcore Brexiters find the potential reconciliation between London and Brussels upsetting because they perceive it as a "betrayal" of the liberties that the UK gained as a result of the separation.

A recent YouGov survey found that 56% of UK people believed that their country's decision to leave the EU was a mistake, with some of those that initially supported Brexit changing their minds after the 2016 referendum.

In a referendum held in June 2016, 51.8% of UK voters chose to end their nation's membership in the EU, while 48.1% chose to keep London a part of the bloc.

Britain warns of incoming budgetary trouble after Truss debacle

The UK government warned on November 13, of impending tax increases, particularly for the wealthy, as it attempts to repair the economic damage caused by Liz Truss' brief tenure as Prime Minister.

Rishi Sunak, who succeeded Truss and was en route to an economic summit of the G20 in Indonesia, vowed to bring the spiraling inflation under control, even if it means that already struggling businesses and consumers will suffer further.

When he releases an emergency budget statement on Thursday, his Finance Minister, Jeremy Hunt, told Sky News that the hurt will fall disproportionately on the better off. "We're all going to be paying a bit more tax, I'm afraid," he said while refusing to be drawn into detail on the plan after a tax-cutting budget by Truss caused panic in financial markets.

Hunt acknowledged that the UK economy was probably already in a recession as a result of the quarter of July through September's contraction, adding, "But we are a resilient country, and frankly, we've faced much bigger challenges in our history."

Read more: Tough budget plan awaits the UK; tax hikes, spending cuts: Hunt