The United Kingdom's Chancellor of the Exchequer, Rishi Sunak, is reportedly considering rejoining the European Union.
Sunak, who is a member of the ruling Conservative Party, is said to be mulling over the possibility of holding a second referendum on the issue, according to The Sunday Times.
The report comes as Prime Minister Boris Johnson is facing mounting pressure to offer a clear plan for the UK's future relationship with the EU after it exits the bloc.
The UK is currently scheduled to leave the EU on October 31.
Sunak is said to be concerned about the UK's future outside of the EU and is reportedly considering all options.
A source close to the chancellor told The Sunday Times that Sunak is 'not ruling anything out'.
'He is looking at all the options,' the source said.
The report comes as the UK is set to enter into negotiations with the EU over its future relationship with the bloc.
Johnson has said that he wants to reach a deal with the EU that would allow the UK to maintain close ties with the bloc.
However, the EU has insisted that the UK must adhere to its 'four freedoms' - the free movement of people, goods, services, and capital - in order to maintain access to the single market.
The UK has proposed a 'Canada-style' free trade agreement with the EU, which would see the UK leaving the single market and customs union.
The EU has rejected the proposal and has instead put forward a 'Norway-plus' option, which would see the UK remain in the single market, but would also require the UK to make financial contributions to the EU and accept some EU rules.
Sunak is reportedly concerned that the UK could end up being forced to accept a 'hard Brexit' - a scenario in which the UK leaves the EU without a deal.
A hard Brexit would likely result in the UK leaving the single market and customs union and would mean that the UK would have to trade with the EU on World Trade Organization (WTO) terms.
The UK would also have to negotiate new trade deals with countries around the world.
Sunak is said to be worried that a hard Brexit could have a negative impact on the UK economy.
The chancellor is reportedly considering all options, including holding a second referendum on the UK's membership of the EU.
The Sunday Times reports that Sunak has held talks with senior officials in t
he Conservative Party about the possibility of holding a second referendum.
The report comes as the UK is facing an uncertain future after it leaves the EU.
Sunak is reportedly concerned about the UK's future outside of the EU and is mulling over the possibility of holding a second referendum on the issue.
