IMF's Lagarde: Closing deal with the EU will be critical to avoid very large costs on the UK economy

IMF chief Christine Lagarde, commenting on the preliminary findings of IMF staff's assessment on Brexit, said that a no deal Brexit is the most significant risk to the UK economy.

Key quotes:

   •  IMF projections assume a timely deal, smooth Brexit.
   •  But a more disruptive departure will have a much worse outcome.
   •  Should not understate progress made in Brexit talks.
   •  But there are many critical issues still left unresolved.
   •  The range of issues at hand and lack of time for a Brexit deal are daunting.
   •  Sterling's depreciation since Brexit vote has hurt real income growth.
   •  UK exports have not picked up enough to stop overall slower growth.
   •  The UK has structural challenges beyond Brexit.