Industry group warns Tory candidates against no-deal Brexit

The Confederation of British Industry has warned candidates for the leadership of Britain's Conservative Party that leaving the European Union without a deal would devastate the nation's economy.

In a letter to contenders vying to replace outgoing Prime Minister Theresa May, the group's head, Carolyn Fairbairn, warned that most firms would never be ready for a no-deal Brexit.

Fairbairn says smaller and medium-sized businesses in particular "cannot afford complex and costly contingency plans."

Britain's Parliament has voted not to leave the EU without a deal, but May's failure to secure an agreement has prompted candidates to suggest no-deal should be back on the table.

So far, 12 Conservative lawmakers are vying to replace May. The contest's winner will become Britain's next prime minister without the need for a national election.