A leading British businessman is offering a £250,000 (€290,000) reward for economists who can come up with the best plan for countries to quit the euro zone.

The one-off prize is sponsored by Simon Wolfson, chief executive of the clothing chain Next, and a prominent supporter of the Conservative party.

"The future of the world economy will, in large part, be governed by what happens over the next few years in Europe," said Mr Wolfson.

"I, along with most European businessmen, hope that the euro zone will stabilise, but in the event it does not Europe must not sleepwalk into a policy vacuum," he added.

"This prize aims to incentivise the world's brightest economic minds to help fill that policy void: their endeavours may well prevent Europe from descending into a financial chaos that would destroy savings, jobs, and social cohesion."

Economists have until January 31st to submit proposals for the one-off prize, the biggest available to academic economists after the Nobel Prize. Entrants will be judged by a panel of leading academic economists.

The award process is being managed by Policy Exchange, an influential centre-right think tank.

Britain is not part of the 17-country euro zone.