British Industry Confed worries Brexit without deal would devastate economy

The Confederation of British Industry has warned candidates for the leadership of Britain's Conservative Party that leaving the European Union without a deal would devastate the nation's economy. In a letter to contenders vying to replace outgoing Prime Minister Theresa May, the group's head, Carolyn Fairbairn, warned that most firms would never be ready for a no-deal Brexit.

Fairbairn says smaller and medium-sized businesses in particular "cannot afford complex and costly contingency plans." Britain's Parliament has voted not to leave the EU without a deal, but May's failure to secure an agreement has prompted candidates to suggest no-deal should be back on the table.

So far, 12 Conservative lawmakers are vying to replace May. The contest's winner will become Britain's next prime minister without the need for a national election.