What is a no-deal Brexit, what would it mean for the UK and what’s the government’s latest advice?

THE chances of Britain entering a no-deal Brexit are looking increasingly likely.

But just what does a “No Deal” mean for the UK?

Theresa May has lost the backing of many Leavers and Remainers off the back of her draft deal agreed at ChequersGetty Images - Getty What is a no-deal Brexit?

A no-deal British departure from the European Union currently can mean a number of things.

In the current climate, it would mean no formal agreement had been reached by the UK and the EU during the negotiating phase which comes to an end on March 29, 2019.

The negotiations are taking place under Article 50 of the Lisbon Treaty.

The chances of a no-deal Brexit being in place by next year is now more likely than ever after a draft deal agreed by Theresa May’s Cabinet at Chequers last month looks likely to crumble.

Boris Johnson resigned as Foreign Secretary claiming the draft deal ‘sticks in the throat’London News Pictures But what does a no-deal mean for the UK?

Mrs May is fighting back against opponents of her blueprint for Brexit, saying Parliament will have to choose between her proposal and crashing out of the European Union without a deal.

May said Monday September 16 on the BBC that if rebel lawmakers shoot down a deal between her government and the EU, “the alternative to that will be having no deal.”

A no-deal would mean scrapping a 21-month transitionary exit period on March 29, 2019, and the exit would be immediate.

An instant exit would, however, mean that the UK would have no legal obligations to pay a £39billion divorce bill to the EU, according to a House of Commons report.

While this would leave a gaping...

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