Lawmakers warn UK to assess impact of 'no deal' Brexit

Parliament's Brexit committee says Britain's aim of forging a new deal with the European Union in two years may be unrealistic, and the government must set out the economic implications of failure.

Britain wants to strike a free-trade deal with the bloc, but Prime Minister Theresa May says leaving without a deal would be better than a bad deal. The Exiting the EU Committee says that assertion is not based on evidence.

The committee said Tuesday that "the government should conduct a thorough assessment of the economic, legal and other implications of leaving the EU without a deal in place."

The lawmakers also say "it is not yet evident" that the two-year timescale is realistic.

May says she believes details of the "future partnership" can be sealed within two years.