United Kingdom trade minister says ‘no deal’ Brexit more likely than not

Theresa May

In a sign that member states are being warned of the consequences of the failure to find a deal, Dr Fox said: "It's up to the EU27 to determine whether they want the EU Commission's ideological purity to be maintained at the expense of their real economies".

May's office said it's "confident" of striking a deal, while Brexit Secretary Dominic Raab told France's Les Echos on Friday that he sees no alternative to striking a deal.

He said that Barnier had rejected Prime Minister Theresa May's latest plan, agreed by her cabinet, on the grounds that "we have never done it before".

Mr Southwell blasted the deal as "a disturbing but unfortunately not unusual sequence" amid an ongoing battle for British firms to scoop deals while being blocked by the EU.

The saga over Brexit has come to dictate the pound's fortunes as fears mount about the impact it would have on Britain's trade.

Mr Fox says the risk has increased, echoing the Governor of the Bank of England Mark Carney on Friday, who said on Friday that the possibility of a no deal Brexit was "uncomfortably high." Ministers have warned the European Union its own Lisbon Treaty obliges it to "develop a special relationship" with its neighbors, the Telegraph reported on Monday.

Last week, Mrs May cut short her summer holiday to meet with French president Emmanuel Macron. After she finally devised a plan for the post-Brexit economic partnership with the European Union last month, Europe's lead negotiator, Michel Barnier, pushed back against its centerpiece - a proposal for Britain to collect tariffs at European Union rates at its borders to maintain a "frictionless" boundary with the bloc.

With half of business leaders questioned having not made preparations for a no deal, Maritime UK believes there is not enough time to prepare for crashing out of the EU.

And ministers including Foreign Secretary Jeremy Hunt and Brexit Secretary Dominic Raab have also engaged in diplomatic activity in Europe in recent days as the Government seeks to deal directly with individual governments in an effort to keep the Chequers plan alive.

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