On Wednesday, Klaas Knot, governor of Netherland’s central bank, who also sits on the European Central Bank’s Governing Council stated, in the event of a hard Brexit in 2020, the damage to the economy would be as great had Britain left the European Union without a deal.

“In economic terms there may be little difference between a no-deal Brexit that could have occurred on the 31st of January, and a hard Brexit that could still occur at the end of 2020,” said Knot.

He went on to add, “This would happen if the EU and the UK are unable to agree on a timely trade deal. And if there is no mutual consensus on extending the transitional period beyond 2020”.

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