Spain will be 'reasonable' in its approach to Brexit

The Spanish government will be reasonable in its approach to Brexit, economy minister Luis de Guindos said on Wednesday.

De Guindos told CNBC that Britain was Spain’s closest economic ally regarding trade, tourism and investments, and that the Spanish government would want to have a “reasonable discussion” about Brexit.

He added that the government would likely push for companies and workers to look to Madrid as an alternative for London.

There are many issues that Britain will need to entangle as it extricates itself from the bloc with British expats concerned over their future in EU countries particularly Spain, which is home to the largest population of people living abroad in the EU.

Meanwhile the prospect of a closed or hard border with Gibraltar, a British territory, could threaten 40% of jobs in the territory, according to Gibraltar's chief minister, Fabian Picardo.

On Tuesday, Prime Minister Theresa May said Britain will no longer be a member of the European single market and the customs union from the European Economic Area after Brexit. The country will instead seek to forge a new trade deal with the EU, with as much as access as possible to the single market and a new agreement for customs.