FILE PHOTO: Britain's Chancellor of the Exchequer Philip Hammond leaves Downing Street in London, Britain, January 23, 2019. REUTERS/Toby Melville

DAVOS, Switzerland (Reuters) - Leaving the European Union without a deal would represent a betrayal of the promises that were made during 2016’s referendum, British Chancellor of the Exchequer Philip Hammond said on Thursday.

“Not leaving would be seen as a betrayal of that referendum decision. But leaving without a deal would undermine our future prosperity, and would equally represent a betrayal of the promises that were made,” Hammond said in a speech to business leaders at the World Economic Forum in Davos.

Hammond also warned that failing to agree a “negotiated Brexit” could lead to instability and populism.