No-deal Brexit 'looking more likely'

Brexit | | MIC Customs Solutions |

Exiting the European Union without a deal is looking to be an increasingly likely prospect, according to ministers.

The chances of Britain leaving the European Union (EU) without a proper Brexit deal are increasing, according to an interview with international trade secretary Liam Fox.

Speaking to the Sunday Telegraph, the minister claimed that the decision now lies with the EU, as the UK has "made an offer ... which we believe is generous".

He added that the likelihood of a no-deal Brexit is, in his opinion "60-40", even though both sides have been working for months to come to an agreement on the UK's departure from the bloc in March 2019.

Diplomatic activity has increased over recent weeks, with the British government keen to speak directly to individual member state governments as its representatives try to keep plans made at Chequers earlier this summer alive.

Mr Fox's comments come shortly after governor of the Bank of England Mark Carney also said he thinks the chances of a no-deal Brexit are "uncomfortably high".

Were a no-deal Brexit to come about, services firms including those in the financial industry may face more restrictions on doing business in Europe than would be the case under Theresa May's preferred arrangements.

There could also be delays at borders as officials rush to understand new customs rules.