Theresa May won’t rule out no-deal Brexit

LONDON (AP) — British Prime Minister Theresa May refused Thursday to rule out Britain leaving the European Union without a deal, a day after the Bank of England warned that such a scenario could plunge the country into its deepest recession in decades.

May was asked by a committee of lawmakers whether she would act to stop a no-deal Brexit if Parliament throws out the agreement when it votes on December 11.

She said “if the House were to vote down the deal that has been agreed” there would have to be “some practical steps in relation to no deal.”

“Decisions would have to be taken,” she said.

May has been highlighting the risks of leaving the EU without a deal in a bid to persuade sceptical lawmakers to back the divorce agreement she has struck with the EU.

The Bank of England said Wednesday that in a worst-case no-deal scenario, Britain’s economy would shrink 8 percent within months as unemployment and inflation soared and the value of the pound plunged.

Bank governor Mark Carney said Thursday that most British businesses were not prepared for a no-deal Brexit.

Carney told the BBC that “less than half of businesses have initiated” contingency plans designed to protect operations in the event that Britain leaves the 28-nation bloc without an agreement on future trading relations.

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