The possibility of the UK leaving the EU without a deal has been a risk since 23rd June 2016. But policymakers must be in no doubt of how serious the consequences of no deal would be for the UK economy and jobs in every region and nation.

The facts are clear: leaving the EU in a disorderly fashion would result in disruption for businesses and families, and no deal would leave the UK poorer and less competitive in the long-term. Negotiators must do all they can to agree transitional arrangements as soon as possible.