UK finance minister Philip Hammond added to this earlier comments and said that a no-deal would give a significant hit to the economy in the medium-term but there is a majority in the House of Commons who want to prevent a no-deal outcome.
Key quotes:
“¢ There is no consensus in parliament about what we do want on Brexit.
“¢ Both sides of this debate are still dug in and we all need to compromise to find a way forward.
“¢ Those who voted to leave were told they would get a deal with the EU.
“¢ If we don’t get a deal, there will be very significant disruption in the short-term.
“¢ I don’t think the EU will remove the backstop.
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