No-deal Brexit will disrupt UK economy, says Philip Hammond

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Chancellor says disruption of leaving EU with no deal would ‘settle down’

Philip Hammond has warned of significant disruption to the UK economy if Britain leaves the EU without a deal in March, but has said a no-deal Brexit was “a default that we could find ourselves in”.

Speaking the day after he told nervous business leaders to accept the result of the referendum, the chancellor said the disruption caused by leaving the EU without a deal would “settle down”.

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