EU executive says: be ready for "possible" no-deal Brexit

The European Commission updated its contingency plans for any no-deal Brexit on Wednesday, telling European Union countries, companies and people that they have to be prepared.

"The Commission considers that a withdrawal of the United Kingdom without an agreement remains a possible outcome, with all its negative economic consequences," the EU's executive said in a statement, adding that contingency preparations so far "remain adequate and fit for purpose".

"Nevertheless, the Commission will continue to monitor political developments and assess if any extension of the adopted measures will be needed," it said.