The pound on Monday fell to its lowest in almost three weeks, succumbing to a stronger dollar and comments by officials suggesting Britain could crash out of the European Union next year without securing a trade deal. He put the chance of Britain crashing out without a deal at 60 percent. After reporting a 5 percent rise in first-half profit before tax, the lender said it remains cautiously optimistic for global growth in the remainder of the year.
It's not a prospect business and markets relish, though.
Mr Fox says the risk has increased, echoing the Governor of the Bank of England Mark Carney on Friday, who said on Friday that the possibility of a no deal Brexit was "uncomfortably high."
The saga over Brexit has come to dictate the pound's fortunes as fears mount about the impact it would have on Britain's trade.More news: Christopher Collins indicted on insider trading charges
Meanwhile, Chancellor of the Exchequer Philip Hammond has warned financial services companies that France is leading an attempt to encumber them with new rules after Brexit that'll make it harder for them to operate in the European Union, according to a report on Monday in the Financial Times.
The Government has admitted its proposals are unprecedented, but Dr Fox said Mr Barnier's response "makes the chance of no deal greater".
The prime minister has just a few months before an agreement on Britain's divorce from the European Union, set for March 29, 2019, must be forged in principle ahead of the EU summit in mid-October.
No. 10 insists the government remains confident it can get a good deal.More news: Student takes graduation photos with 14-foot alligator
The Prime Minister held talks with French President Emmanuel Macron on Friday, cutting short her holiday to visit his summer retreat.
THE EU'S chief negotiator has hit back at Liam Fox for accusing him of refusing to budge over Brexit.
That's left May with little room to maneuver, because Brexiteers in her party already say the strategy offers too many concessions to the bloc. Johnson's popularity among the party grassroots has risen since he quit May's cabinet last month because he rejected her Brexit White Paper.More news: Fulham snap up Arsenal's Chambers on season-long loan