If Britain leaves the European Union without sealing an exit deal, it will not be legally obliged to contribute to the bloc's budget, a committee of members of Britain's upper house of parliament said on Saturday.

Money is likely to be one of the most contentious elements of the upcoming divorce talks. Other nations want Britain to pay its share of budget commitments — estimated informally by EU officials at roughly €60 billion ($63 billion).

Prime Minister Theresa May has said only that the government would consider paying into the EU to participate in "some specific European programs."