Businesses sound alarm as UK says prepare for no-deal Brexit

A senior British Cabinet minister says businesses need to prepare for the possibility the UK will leave the European Union in March without an exit deal, as a growing number of British firms say they are stockpiling goods or shifting operations overseas.

Last week British lawmakers threw out Prime Minister Theresa May's EU divorce deal, and attempts to find a replacement are gridlocked. International Trade Secretary Liam Fox said Wednesday that "no deal is a possibility."

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Many business groups say a "no-deal" Brexit will cause economic chaos by imposing tariffs, customs checks and other barriers between the U.K. and the EU, its biggest trading partner.

Carolyn Fairbairn of the Confederation of British Industry says politicians must rule out a no-deal Brexit "to halt irreversible damage and restore business confidence."