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According to Gitanas Nauseda, who is advisor to the president of SEB Bankas, one of Lithuania's biggest banks, the UK may have to give in on the issue of free movement of labor, a core value of the EU, in order to maintain free trade in goods and services with the bloc.

"I believe it is in Britain's interest to have the most favorable possible trade regime with the EU. The Norwegian model is perhaps the most likely," he told BNS.

"It is possible that there will be increasing political support (in Britain) for certain concessions in the area of free movement of labor and people in exchange for the most favorable possible trade regime with the EU,” Nauseda said.

“In any case, the EU is Britain's most important trade partner, with exports (to the bloc) accounting for almost 50% of its total production output," he noted.

In the economist's opinion, the EU is unlikely to agree to free trade without free movement of labor.

"The free movement of labor and people is a core value that the EU is not inclined to sacrifice. A favorable trade regime is even more important for Britain than for the EU itself," he said.