Talk of ‘no deal’ is ramping up significantly - ING

"There are 233 days to go until Brexit and with negotiations stuck in deadlock, talk of 'no deal' is ramping up," ING analysts note.

Key quotes

"The number of news stories discussing the topic has spiked, while Google searches for 'no deal Brexit' have surged. This comes as the UK government prepares to outline its contingency preparations for a possible hard exit next March, something which International Trade Secretary Liam Fox suggested over the weekend now has a 60% probability of occurring."

"At this stage, we still think it's more likely that the UK and EU forge an agreement to avoid the hardest of Brexit scenarios, allowing the transition period to begin after March 2019. But the situation is highly uncertain and if we're wrong, the economic impact could be significant. Leaked UK government forecasts earlier this year suggested that without a deal, the economy could be 8% smaller over a 15-year horizon relative to current projections."