The EU's economics commissioner says the UK will lose advantages when it leaves the EU "club".

Today Programme
BBC Radio 4

Sylvie Goulard is a French member of the European parliament. She tells the Today Programme.

"Nobody wants to punish the British people for a decision that was a sovereign decision, but the British people have to know that the only thing enshrined in the article 50 of the Treaty is the right to leave.

"No one has said on the continent that we might have no deal at all. 

"No deal will mean that the UK is not taking responsibility for the liabilities and commitments of the last 40 years.

"We will invent a new relationship after having settled the conditions of the divorce."

She also insists there will be "no cherry picking" of the best bits of European Union membership.

BBC Today Programme business presenter Dominic O'Connell tweets:

The Guardian

According to The Guardian, external, several members of Jeremy Corbyn’s shadow cabinet are considering refusing to vote for a bill triggering Article 50, amid widespread concern among Labour MPs about the party’s response to Brexit, external.

Four shadow cabinet ministers, including close Corbyn loyalists, and several more junior frontbenchers, have told the Guardian that they are agonising about whether to back the party line of what one called “waving through” Article 50, in what could prove the first real test of new chief whip Nick Brown’s powers of persuasion.

One shadow cabinet minister from a remain constituency told the Guardian: “I’m concerned that if we wave Article 50 through, my constituents will go crazy.”

Read more, external

Mike Baird, the leader of New South Wales, has announced he is quitting politics.

Norman Smith
Assistant political editor

Theresa May will today seek to calm key players in the international banking and business community - anxious about the implications of Brexit. 

She will insist that far from being a sign of Britain turning its back on the world, it signals a more confident outward-looking global Britain.

She will restate her conviction that international business must reform and demonstrate social responsibility. And she will seek to reassure her audience that she is not hostile to globalisation.

Today however there were further signs of nervousness - following the decison by HSBC and UBS to re-locate parts of their business - with the boss of Toyota, which employs more than 3,000 people in Britain sounding a cautionary note about the company's future plans and how it could remain competitive after Brexit.

And in an interview with the BBC Pierre Moscovici, the EU's Commissioner for Economic and Financial Affairs - issued this warning:

This morning it was confirmed that the government will publish what it is calling its Modern Industrial Strategy next week - another key moment for many in the business community, who are anxious about the economic implications of Brexit.  

Today Programme
BBC Radio 4

Sylvie Goulard, an MEP for the Group of the Alliance of Liberals and Democrats for Europe, urged both the UK and Europe "to avoid threatening tones" during Brexit negotiations.

But she warned Britain "we'll make sure a country that is leaving is first of all paying the bill" and is not getting a better deal than those remaining in the EU club.

She told BBC Radio 4's Today programme: "We will invent a new relationship after having settled the conditions of the divorce...

"There's no possible cherry picking and there's no sale by apartment."

Victoria Derbyshire

Image source, Reuters

Germany's Handelsblatt newspaper, external reports that Goldman Sachs will "probably" halve its employees in London after Brexit.

The report says that Goldman will strengthen its operations in Frankfurt and set up a European bank there.

Goldman says that it does not recognise the number.

Image source, Getty Images

Theresa May may receive a warmer reception from Davos delegates than many expect.

Patrick Thomson, a fund manager at JP Morgan Asset Management who specialises in sovereign wealth funds - those giant international investors that put the nest eggs of whole countries to work - says that they are positive about the UK's prospects.

For them, Brexit is a short-term issue. "You have to remember these are intergenerational investors - that's the time horizon they have, and they are upbeat about the UK, which still has many attractions for them, including ease of investment and rule of law."

That's the kind of response that will be music to May's ears - sovereign wealth funds have been the biggest investors in UK infrastructure in recent years, and her plans to breath new life into Britain's roads, railways, schools and broadband networks rely on their support.

Today Programme
BBC Radio 4

"Negotiations are about deal making, beforehand you get a lot of political  posturing, but of course in the end Britain is a big, important European economy, the second largest.

"That means that ultimately, if economics plays a large role in this which of course it will, that a deal may be rather more positive than those opening postures suggest. " points out BBC Economics Editor Kamal Ahmed.

BBC Radio 5 live

Image source, Getty Images

HSBC and UBS say that they may both move 1,000 jobs each out of the UK because of Brexit. But are these banks being disloyal?

Chris Ralph, chief investment officer at St James's Place, tells Wake up to Money: "They have to give themselves options."

He points out that the banks' decisions are dictated by passporting rights which will have to be renegotiated: "They are giving themselves options to have staff in the right place."

But Mr Ralph adds: "I still think London will be a major financial centre going forward."

Image source, Getty Images

The BBC is out in force in Davos. You can followed the BBC's economics editor Kamal Ahmed on Twitter at @bbckamal, external , business editor Simon Jack at @BBCSimonJack, external , Today programme business presenter Dominic O'Connell at @dominicoc, external and business correspondent at @thatkatiehope, external

The full schedule can be viewed here, external but here are our highlights for Thursday:

Morning

-Natarajan Chandrasekaran, the new chairman of TataGroup, will be appearing in his capacity as chief executive of Tata Consultancy Service in a session entitled Creating Profit Through Purpose.

-Bills Winters and Briyan Moynihan, of Standard Chartered and Bank of America respectively, will be part of a panel examining the Global Banking Outlook.

-Santander chairwoman Ana Botin forms part of a discussion on Which Europe Now?

-Sheryl Sandberg, chief operating officer of Facebook, will discuss A Leader’s Resilience.

Afternoon

-Sergey Brin, co-founder of Google and founder of Bayshore Global Management, will be sharing his ideas.

-Bill Gates and GSK boss Andrew Witty take part in a discussion on CEPI: A Global Initiative to Fight Epidemics.

-Angel Gurria, director general of the OECD, will take part in a session on Taxation without Borders: A Fair Share from Multinationals.

-Saudi Arabia and Russia will discuss the Global Energy Outlook.

A guide to how Theresa May's promise of a vote on the UK's Brexit deal could pan out.

See below for some more EU-themed front pages - and to read how European leaders reacted to Theresa May's Brexit plans.