The European Commission has published its guidance over what countries, businesses and individuals should do to prepare for a no deal ahead of Brexit day next March.

As revealed by City A.M. yesterday, the Commission is calling on all parties to step up preparations on the back of what was agreed at the European Council last month. It has today published a seven-step fact sheet, highlighting the impact to supply chain; customs, VAT and excise; rules of origin and restrictions on imports and exports among others.

In a statement, the Commission said: "While the EU is working day and night for a deal ensuring an orderly withdrawal, the UK's withdrawal will undoubtedly cause disruption – for example in business supply chains – whether or not there is a deal.

"As there is still no certainty that there will be a ratified withdrawal agreement in place on that date, or what it will entail, preparations have been ongoing to try to ensure that the EU institutions, Member States and private parties are prepared for the UK's withdrawal. And in any event, even if an agreement is reached, the UK will no longer be a Member State after withdrawal and will no longer enjoy the same benefits as a member. Therefore, preparing for the UK becoming a third country is of paramount importance, even in the case of a deal between the EU and the UK."

It noted that preparing for Brexit was "not only the responsibility of the EU institutions", noting that "everyone must now step up preparations for all scenarios and take responsibility for their specific situation".

If the withdrawal agreement is not ratified before the point of exit, on 30 March, there will be no transition period and everything agreed between the two sides will be off the table, resulting in the much-feared cliff-edge scenario.

However, City A.M. understands that work is now taking place to push for an extension to Article 50 if a deal is close to being agreed, to avoid this.

Yesterday Theresa May revealed that 70 "technical notices" for businesses and households will be published in August and Septembe, setting out how British businesses and private individuals should prepare for a no deal Brexit.