EU, UK Inch Toward Brexit Pact as IMF Says ‘No-Deal’ Scenario Poses Risk to European Economy

The 'Leave Means Leave' Brexit campaign co-chair Richard Tice (C) talks to anti-Brexit activists at a fringe event at the Conservative Party Conference in Birmingham, England, on Oct. 1, 2018. Oli Scarff/ AFP/Getty Images

LONDON—Amid warnings that a “no deal” or hard Brexit could damage the European economy and global economy, the EU and UK are inching closer to a deal, as EU leaders prepare for a summit on Oct. 17.

The prospect of a “no deal” Brexit has been haunting markets and businesses in recent months, as governments rush to put together contingency plans, in case the UK and EU fail to reach an agreement on their post-Brexit relationship.