Europe

EU warns of 'serious consequences' if no Brexit deal

  • European Chief Negotiator of the Task Force for the Preparation and Conduct of the Negotiations with the United Kingdom under Article 50, Michel Barnier, speaks during a meeting of the Committee of the Regions at the European Parliament in Brussels on Wednesday, March 22, 2017. The European Union's chief negotiator warned Britain Wednesday of "serious consequences for everyone" if the two sides fail to clinch a deal on the U.K.'s departure from the 28-nation bloc within two years. (AP Photo)

    European Chief Negotiator of the Task Force for the Preparation and Conduct of the Negotiations with the United Kingdom under Article 50, Michel Barnier, speaks during a meeting of the Committee of the Regions at the European Parliament in Brussels on Wednesday, March 22, 2017. The European Union's chief negotiator warned Britain Wednesday of "serious consequences for everyone" if the two sides fail to clinch a deal on the U.K.'s departure from the 28-nation bloc within two years. (AP Photo)  (The Associated Press)

  • European Chief Negotiator of the Task Force for the Preparation and Conduct of the Negotiations with the United Kingdom under Article 50, Michel Barnier, speaks during a meeting of the Committee of the Regions at the European Parliament in Brussels on Wednesday, March 22, 2017. The European Union's chief negotiator warned Britain Wednesday of "serious consequences for everyone" if the two sides fail to clinch a deal on the U.K.'s departure from the 28-nation bloc within two years. (AP Photo)

    European Chief Negotiator of the Task Force for the Preparation and Conduct of the Negotiations with the United Kingdom under Article 50, Michel Barnier, speaks during a meeting of the Committee of the Regions at the European Parliament in Brussels on Wednesday, March 22, 2017. The European Union's chief negotiator warned Britain Wednesday of "serious consequences for everyone" if the two sides fail to clinch a deal on the U.K.'s departure from the 28-nation bloc within two years. (AP Photo)  (The Associated Press)

The European Union's chief negotiator for the upcoming negotiations with Britain on leaving the bloc has warned that there will be "serious consequences for everyone" if the two sides fail to clinch a deal within the two years of talks.

EU negotiator Michel Barnier said on Wednesday that there could be "total uncertainty" for the United Kingdom but told an EU audience that he will be negotiating in good faith to make sure that a mutually acceptable agreement is reached.

He said that "this scenario of 'no deal' is not ours."

Britain is slated to trigger the two-year period of negotiations on March 29, and the talks could start for real in May.