British firms will lose some access to European markets if the country insists on restricting migration from the EU, CNN reports. 

In a blunt statement Wednesday, European Commission President Jean-Claude Juncker said the U.K. couldn't pick and choose what it liked about the EU once it has left.

Brits voted to leave the European Union in a referendum in June, but the government has since failed to reveal any details about how it plans to reshape relations with its most important trading partner.

"There can be no 'a la carte' access to the single market," Juncker said in his annual state of the union speech.
British Prime Minister Theresa May has said she will aim for "the best possible deal for the United Kingdom" in Brexit talks with the EU, without saying what that means.

The all important U.K. financial services sector is pushing for full access to Europe's free trade area, the world's largest. And many foreign companies operating in the U.K. have said losing access could force them to move people and operations out of the country.