What's the economic toll of Britain's Brexit chaos?

After the rejection of May's Brexit deal, we ask if Britain can avoid crashing out of the European Union without a deal.

British Prime Minister Theresa May narrowly survived a no-confidence motion this week while her plan to navigate Brexit was massively rejected by Parliament. The deadline of March 29, 2019 is fast approaching, while European leaders are warning that the prospect of Britain crashing out of the union without a deal has increased. This could lead to huge economic disruption on both sides of the Channel.

"The default remains that we're leaving the EU on March 29, but the big question is, will Theresa May reach across party divide to seek consensus on Brexit?" says economist James Smith of ING's Global Markets Research in London.

"There's no immediate sign that May will back down on her red lines or the Labour Party will shift direction, either, so there's no clarity, but we're running out of time and an extension to Article 50 is getting more and more likely."

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