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A 鈥渘o-deal鈥� Brexit should really be called 鈥渘o trade deal鈥� says Iain Duncan Smith.

The former Conservative leader told Jonny Dymond: 鈥淣o-deal doesn鈥檛 exist because it would be a deal under the WTO - we already operate under the WTO, as does the EU.鈥�

He was reacting to comments from Bank of England governor Mark Carney who said the possibility of a no-deal Brexit is "uncomfortably high" and "highly undesirable".