United Kingdom must heed IMF's 'clear warnings' on no-deal Brexit - Hammond

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However, while other big-name Leavers have quit the cabinet over May's Brexit proposals to keep Britain close to the European Union on trade, Gove is backing the so-called Chequers master plan. "We are not motivated by any other aim", he said.

Asked whether the European Union would get a preferential deal on immigration rights that would mean they would continue to be able to travel to the United Kingdom more easily, the Prime Minister told BBC Radio 4 in an interview that one of the messages from the referendum was that people "didn't want a situation where they could see people coming having those automatic rights to travel to the United Kingdom and a set of rules for people outside the European Union..."

The report said the Treasury and Bank of England should be prepared for the possibility of "sharp declines in sterling and other asset prices" and the Bank should be ready to act to ensure the financial system has adequate liquidity.

Leaving the EU in March 2019 without having signed a withdrawal agreement would be "chaotic and damaging" for the United Kingdom, the Exiting the EU Committee said in a report that appeared to challenge the government's claim it is close to reaching a deal.

But while he said a no-deal Brexit was possible, he said in the interview in Tokyo: "I don't think it's in anyone's interest for that to happen.

But for all those who have to manage their sterling risks beyond the Brexit date, the problem of how to plan ahead persists, of course", said Ulrich Leuchtmann, a currency strategist at Commerzbank in Frankfurt.

"At the time, he congratulated the Prime Minister for her determination in securing the deal".

Downing Street stopped short of an explicit endorsement of Mr Hammond's warning.

His statement was seen as a reassurance to fellow Tory Brexiteers who may be unsure about backing Mrs May's plans, with around 80 reportedly prepared to vote down the "Chequers" plan in parliament.

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A frontier in the Irish Sea has been strongly opposed by unionists who want to avoid any barrier between Northern Ireland and the rest of the UK.

He reiterated he was equally keen to prevent a hard border between Northern Ireland and Scotland as between Northern Ireland and the Republic.

Former Liberal Democrat leader Sir Nick Clegg told BBC Radio 4's Today programme it was an "insult to the intelligence of British voters" for the prime minister to say it was a "choice between either the Chequers fudge or a cataclysmic cliff edge".

EU Council President Donald Tusk has said Britain and the EU could yet fail to reach an agreement on the terms of their divorce.

Mrs May has been dogged by claims rebels in her party are seeking to depose in the next six months.

Until recently, the Prime Minister had appeared to keep the possibility for preferential rights for European Union citizens open.

According to a Comres survey, 50% of British adults feel the overall impact will be negative, whereas 41% think it will be positive.

"There are still parts of the withdrawal agreement that require further negotiation".

"Over a hundred local Labour groups have submitted motions to Labour's conference to change Labour's policy so that they can back a People's Vote on Brexit".

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