EU warns of 'serious consequences' if no Brexit deal

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.