Welcome to FT Politics, a weekly discussion on what's happening in Westminster from the Financial Times.

I'm Sebastian Payne. In this episode we'll be discussing

the prospect of a no-deal Brexit and Westminster's take out the trash week

for everyone pops off on holiday. I'm delighted to be joined by George Parker, our political editor

Brussels Bureau Chief Alex Barker, Chief Foreign Affairs commentator Gideon Rachman

and Miranda Green Deputy Opinion Editor. Thank you all for joining. And if you enjoy this episode of

F.T. Politics, don't forget to subscribe through all the usual channels to

receive it every Saturday morning. Much of the political week in Britain has been

dominated by chatter about the growing prospects for

a so-called no-deal Brexit, as Theresa May received a gentle rebuff from Brussels for her

checkers plans, both the UK and the EU turn their attention to what might happen if there's no formal

withdrawal agreement by March next year. Kew Chatter about stockpiling food, medicines

running out, planes not landing, and international isolation.

But what exactly would a no-deal Brexit mean and would it really be that bad?

So Alex Barker, let's just begin by talking about what we mean by a no-deal Brexit because the UK has triggered Article 50,

so at the moment it looks like in March 2019 we leave come hell or high water,

but even if there is no formal deal in place and

this is what people call a no deal Brexit. Exactly in simple terms it means the UK

will leave without a withdrawal treaty. The EU treaties will cease to apply

on the 29th of March and the UK will be a third country in the

purest form there would be no remaining bilateral arrangements between the EU and the UK to manage

customs, airlines, citizen rights, nothing.

...