There's just under 100 days to go until the U.K. leaves the European Union (EU) and despite a Brexit deal being on the table, both sides are stepping up preparations for a 'no-deal' divorce.
After months of fraught negotiations, the U.K. and EU struck a Brexit deal (or "withdrawal agreement") last month; the trouble is, no one in the U.K. parliament likes it that much.
British Prime Minister Theresa May tried to get Europe to amend parts of the Brexit deal, particularly the troublesome future status of Northern Ireland if no trade deal is struck, but without success.
There are growing calls for a second referendum to be held and even one ministers close to May, Work and Pensions Secretary Amber Rudd, suggested on Wednesday that she could see the merit in a second vote if parliament cannot reach a consensus in January, but so far May has rebuffed the idea.
As such both Britain and the EU are stepping up preparations for a "no-deal" scenario in which the U.K. leaves the bloc without a divorce deal or 21-month transition period in which a trade deal could be struck.
"There's an awful lot of fluidity in the situation," according to Christopher Peel, chief investment officer at Tavistock Investments, "Theresa May has managed to negotiate this far with the EU and Europe has gone as far as it's going to go," he told CNBC's Capital Connection on Thursday.
"I think ultimately it really is up to the prevailing government of the day in the U.K. to make it happen and I think MPs over the coming break will look within themselves and think they've got to make a tough decision." Peel said a no-deal would be catastrophic for both sides" and needs to be avoided at all costs," a view shared by those across the channel.