Britain will not be able to dictate the terms of a new trade deal to the European Union after it leaves the bloc, the chair of the euro zone finance ministers' council said, accusing leave campaigner Nigel Farage of "living in his own world."

Farage, leader of the UK Independence Party, on Tuesday told the European Parliament that it was in Europe's interests to cut a trade deal with Britain after it voted in a referendum to quit the European Union. Jeroen Dijsselbloem said the terms of any such deal would be worse than those Britain enjoyed as a full member.

It was too early to judge the scale of the impact of the British vote on the Dutch economy, he said.