Austria's finance minister urges British MPs to avoid Brexit

Hans Schelling says he hopes 'wisdom of parliamentarians' will lead them to overrule 'leave' vote

Theresa May, who is due to take over as prime minister, arrives for a cabinet meeting at number 10 Downing Street (Reuters)

Great Britain risks being turned into “Little Britain” after Brexit if Scotland and Northern Ireland choose to stay in the European Union, Austria’s finance minister has warned.

Hans Joerg Schelling said a “fast decision” should be made by Britain’s new prime minister, Theresa May, while warning of the economic impact from the UK’s vote to end its role in the EU.

“Some people in Great Britain are thinking about 'Was it our fault or not?', but it was a decision by the inhabitants of Great Britain,” he told reporters in Brussels.

“If you look at other countries, you can change these decisions by parliament. And I hope the wisdom of the parliamentarians will give a new guidance for leaving, and not to make a Brexit.”

“I think there will probably be a ‘Brexit-lite’, so Scotland will not leave, probably Northern Ireland will stay in the union and probably Great Britain will become Little Britain.”

He also welcomed the news that Theresa May will replace David Cameron as Britain’s prime minister on Wednesday, according to AFP.

Last week, Mr Schelling predicted Britain will still be a member of the EU in five years, as economic complications will prompt a rethink by the country.

The reaction of the financial markets to the Brexit result announcement since June 23 has been a “salutary shock” for the UK, he told Handelsblatt newspaper.

The financial impact will be “very much greater” in Britain than for the rest of Europe, Mr Schelling added, although a prolonged period of uncertainty would create problems for many countries.

Dutch finance minister Jeroen Dijseelbloem also emphasised the need for haste in resolving the difficulties of the UK’s Brexit decision.

"The sooner we can sort out - let me say it diplomatically - this problematic situation, the better," he told reporters.

“We look forward to working with whomever is coming out of this democratic process. And we will have to find solutions for the Brexit which has been causing a lot of problems, particularly for the UK but also for Europe.”

On Monday, German Chancellor Angela Merkel said post-Brexit negotiations between Britain and the rest of the EU will be difficult, with the remaining 27 member states forced to outline their priorities for the union going forward.