Britain has more to lose than the EU if it were to walk away from Brexit talks without a deal, the European Commission’s chief negotiator said on Thursday.

Speaking in Brussels, Michel Barnier also warned that frictionless trade between Europe and the UK would be impossible after Brexit.

“We want to be ready for all eventualities, including ‘no deal’, a possibility that has been mentioned again recently by several British ministers,” he said at a meeting of employers, trade unions and NGOs.