This "hard Brexit" would leave the European Union and the United Kingdom without a predefined agreement after Britain officially leaves the European Union in March 2019. "Rationally the chance of a cliff-edge should be zero percent". After reporting a 5 percent rise in first-half profit before tax, the lender said it remains cautiously optimistic for global growth in the remainder of the year.
But Mrs May insisted a deal is still the "most likely outcome".
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".
It's not a prospect business and markets relish, though. Aircraft maker Bombardier Inc. on Monday told the Press Association that it may have to stockpile parts at a cost of 30 million pounds ($39 million) to mitigate for a no-deal Brexit that disrupts trade and supply chains.
Meanwhile, Downing Street issued a statement expressing confidence in the UK's ability to conclude a deal based on the prime minister's White Paper, calling the possibility of a no deal Brexit an "unlikely event".
The Government has admitted its proposals are unprecedented, but Dr Fox said Mr Barnier's response "makes the chance of no deal greater".
May's office said in an emailed statement Sunday that while the government is "confident" of securing a deal, "it is the job of a responsible government to prepare for all scenarios".
THE EU'S chief negotiator has hit back at Liam Fox for accusing him of refusing to budge over Brexit.
According to the letter, United Kingdom police make use of the 32 different law enforcement and national security measures on which European Union membership is dependent.
"Our negotiating advantages are meaningless without leadership fearless enough for the task", wrote Patel, often touted in the United Kingdom press as a potential contender in any future leadership contest to succeed May.
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.