The UK economy will suffer substantial costs if the country leaves the European Union without a deal, the International Monetary Fund warned on Monday.
Though the UK and the EU have reached agreement in principle on a 21-month implementation period, the "fundamental questions-such as the future economic relationship between the two and the closely-related question of the status of the land border with Ireland-remain unanswered," the lender said.
"Resolving these issues is critical to avoid a "no deal" Brexit on WTO terms that would entail substantial costs for the UK economy-and to a lesser extent the EU economies-particularly if it were to occur in a disorderly fashion," the IMF said in its staff concluding statement of the Article IV mission.
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