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Paul Nuttall, leader of UKIP, tells Today he is confident that Britain will be able to negotiate trade deals outside of the EU because "they need us more than we need them".

Today, Prime Minister Theresa May sets out her goals for negotiations to leave the EU, revealing more about immigration policy and whether or not Britain will stay in the single market.

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MSPs are to debate Scotland's future relationship with Europe after the prime minister delivers her highly-anticipated speech on Brexit.

Theresa May is due to say that the UK will not retain "partial" membership of the EU once it leaves.

Her speech is also expected to include further hints Britain could leave the EU single market.

That would put the prime minister on a collision course with Scotland's first minister, Nicola Sturgeon.

The Scottish government has set out proposals aimed at continuing Scotland's access to the single market even if the rest of the UK leaves.

Ms Sturgeon has repeatedly raised the prospect of a second referendum on independence if she believes it is needed to protect Scotland's interests.

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The UKIP leader Paul Nuttall has not ruled out running in the Stoke-on-Trent Central by-election.

Speaking on the Today programme, Mr Nuttall said the party was still having discussions and would make a decision “by the weekend”.

He said UKIP were confident of putting in a good performance and of winning the seat, in which it came second in 2015. 

The party will be running a “big and professional campaign” he said.

The by-election was triggered last Friday when the sitting MP, Labour’s Tristram Hunt announced he was quitting to become the director of London's Victoria and Albert Museum.

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UKIP leader Paul Nuttall says remain supporters like Peter Mandelson are carrying on "as if the 23 June (EU referendum) had never happened".

He tells the BBC he likes what he is hearing about what Theresa May is going to say and says it is right for the UK to sever its ties completely with the EU.

There is a "big wide world out there" and the UK will have more flexibility to set its own trade priorities outside the customs union and single market.

Quoting his predecessor Nigel Farage, Mr Nuttall insists the French will continue to sell champagne to Britain after Brexit and "common sense dictates" and EU countries will agree to a favourable trade deal with the UK given its importance as a market for their exports.

He also doubts whether the EU "in its current guise" will exist in ten years time.

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Lord Mandelson says the preferred outcome would be for the UK to be a member of the European Economic Area, like Norway, where it would continue to have tariff-free access to the single market.

He accepts that this would require the UK to continue to abide by freedom of movement rules and says this would be subject to negotiation.

He acknowledges that immigration rules have become "too lax" in certain areas and Europe has to address public concerns. 

Pressed by John Humphrys that this would leave the UK having to pay to remain a quasi-member of the EU without being able to influence its rules, Lord Mandelson says he believes the core principles of the EU - the free movement of people, capital, services and goods - are in the UK's interest.

He goes on to say the PM needs to rethink her whole strategy.

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Several German and French newspapers trail details of Mrs May's speech on their online pages. 

"Theresa May and Brexit: The moment of truth", reads a headline on the website of France’s Le Monde.

 A commentary in Paris's Le Figaro says the prime minister is putting "politics before economics".

"May risks showdown with the EU," warns Germany’s Die Welt.

The promised Brexit plan still appears "surprisingly vague" and is likely to "disappoint many listeners," predicts Frankfurter Allgemeine Zeitung.

In Spain, El Pais believes that Mrs May is going "on the offensive in pursuit of a clean and hard Brexit", while Italy’s La Repubblica has "May chooses hard Brexit"

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Former Labour cabinet minister and EU commissioner Lord Mandelson suggests Theresa May is pursuing a hard Brexit to "appease" her backbenchers and the Brexit-supporting press rather than going after the "best possible deal" in the national interest.

He says leaving the single market and customs union will lead to tariffs of up to 10% in some industries, adding costs for business and endangering their market share. 

Financial services firms will find it harder to access EU markets because of regulatory mismatches and British firms will struggle to recruit highly-skilled EU staff due to immigration changes.

He tells Radio 4's Today that while Mrs May should not be showing her full hand, what she should not be doing is "slamming down her red lines on the table and saying take it or leave it". 

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The BBC's director of news and current affairs, James Harding, has asked Douglas Flint "what are the Jenga blocks" of Brexit, in reference to the HSBC chairman's appearance before the Treasury Select Committee a week ago.

Basically what will move out of London and what will stay?

Mr Flint says the issue is around wholesale banking: "This is most at risk because of passporting."

He notes HSBC has a large bank in France which it could divert activity to and adds that the financial industry has a clear view of what it wants but the political situation may make this more difficult.

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Douglas Flint, chairman of HSBC says that Brexit "is a bit of a challenge".

Speaking at the World Economic Forum in Davos, Mr Flint says a lack of uncertainty over whether there will be a transitional process and if so how long it will be is causing concern.

"One of the dangers is the aggregate supply of financial capacity to Europe drops which is not consistent with trying to grow the economy."

Neil Wilson of ETX Capital notes: “Sterling is trading higher ahead of Theresa May’s speech on Brexit

"These gains are largely down to dollar weakness, however, as the greenback has suffered a bit of a sell-off overnight and gold has risen amid a bid for safer assets ahead of this speech and Donald Trump’s inauguration on Friday."

"Brexit is the only show in town for the pound but today’s batch of inflation numbers will need to be watched at 09:30."

Theresa May must protect British membership of the single market and customs union, cross-party politicians from the Open Britain campaign have said ahead of her long-awaited speech.

Labour MP Pat McFadden said jobs, trade and living standards must be prioritised during the negotiations and the UK must not be turned into an "ultra-low tax and social spending" economy.

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Angela Merkel has urged Germany's business community to support her government's position on Brexit. 

During a speech to business leaders in Cologne last night, Mrs Merkel warned that, should the conditions for access to the single market be loosened, the EU risks every country trying to "cherry pick" aspects of membership. 

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Theresa May will make a speech on Brexit today in which she will say Britain will "not seek to adopt a model already enjoyed by other countries. We do not seek to hold on to bits of membership as we leave".

Former Labour politician, Lord Peter Mandelson, one of the leading Remain campaigners, says this speech sounds like a "grand plan with no details". He thinks Theresa May is "pretending difficult choices don't exist".

Theresa May's Brexit speech features in most of the front pages (see below), many of which focus on how the UK might trade with the rest of the EU after it leaves. Will the PM reveal more later?

To make it easier to spot the new announcements, here's a guide to what the PM has said so far.