Business groups warn on no-deal Brexit

Businesses are "reaching the point of no return" as the likelihood of a no-deal Brexit increases, Britain's five main business groups have warned in a joint statement.

Businesses were "watching in horror" as lawmakers wrangled over Prime Minister Theresa May's Brexit withdrawal deal, 100 days ahead of Britain's scheduled departure from the European Union on March 29, Wednesday's statement said.

Failure to ratify the deal by then will mean Britain's exit will be unregulated - the so-called "no-deal" scenario.

"The lack of progress in Westminster means that the risk of a 'no-deal' Brexit is rising," the groups said.

Businesses are "are reaching the point of no return, with many now putting in place contingency plans that are a significant drain of time and money," they added.

The government was "understandably" increasing its no-deal planning, "but it is clear there is simply not enough time to prevent severe dislocation and disruption in just 100 days."

The statement was signed by the British Chambers of Commerce, the Confederation of British Industry, the Federation of Small Businesses, the Institute of Directors and the manufacturers' organization EEF.