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Nobody seems to really want it, but everyone argues the U.K. needs to be ready for it: A no-deal Brexit — the possibility that the U.K.'s departure from the European Union on March 29 is abrupt.
Stephen Barclay, the U.K.'s Brexit secretary, said earlier this month: "A responsible government needs to ensure that we are ready for that default option." A no-deal Brexit would mean that the UK would leave the EU without a transition period and without any big agreement over their future relationship. But pay no huge sums of money and wouldn't be tied to the EU for an indefinite amount of time.
During an interview to Sky News, he added that the government is "increasing communications" with pharmaceutical companies and European citizens living in the U.K.
But what else is the U.K. government doing? And is it enough?
These are some of the big steps being taken by the U.K. government. However, analysts have told CNBC that these are unlikely to help contain much of the economic impact in case of an abrupt exit from the European Union.
"The government is probably not ready to prevent the economic impact of a no-deal," Danielle Haralambous, U.K. analyst at the Economist Intelligence Unit (EIU), told CNBC on Monday over the phone.
Leaving the European Union abruptly could bring higher trade tariffs and thus further costs to businesses on both sides of the Channel; as well as delays to food and pharmaceutical deliveries. There would also be questions about flights regulation, movement of people, and so on.
According to Nomura, leaving the EU without any sort of agreement would be "the most extreme scenario for the U.K., a negative for the economy and that could unleash big uncertainty in the future of the U.K. and its politics."
"We would expect remarkably lower asset prices and legal uncertainty to trade and services," the bank also said in a research note.
Despite the letters to business and information campaigns to warn U.K. firms on what to do in the event of a no-deal, several companies are not preparing for that scenario. According to the British Chambers of Commerce (BCC) 62 percent of firms had not completed their Brexit risk assessment as of last September.
"It is sensible to start preparing for a no-deal Brexit," the EIU's Haralambous said, arguing that this "could happen by accident" as the differences between Brexiteers and Remainers continue deadlocked.