The B. Schaeuble warned the British government not to attempt to make the country a tax haven

The German Finance Minister Wolfgang Schaeuble warned today the British government not to attempt to turn the UK into a tax haven in an effort to attract businesses after leaving the European Union, conveying to any attempt in this direction will "fail" .

Last week Britain's Finance Minister Philip Hammond said the government Teresa Mei intends to proceed with tax breaks to keep the British economy competitive, as international banks are considering transferring some of their operations from London to mainland Europe, for fear the UK to lose access to the EU single market as a result of Brexit.

The Schauble but said that any attempt by the British government to hold or attract businesses with low taxation will not be tolerated.

"You can not compare the UK with the Cayman Islands," said German Finance Minister at an event in Wiesbaden, Germany. "If a big country believes that it can have the advantages of a small country ... it will fail," he added.

"This would not be tolerated by the world," said Schaeuble, adding that: "For this reason we need to cooperate."

Earlier this week the Dutch Finance Minister and President of the Eurogroup Jeroen Dijsselbloem said that if Britain chooses to turn the country into a tax haven, it has an "irrational retrogression."