International Monetary Fund warns no-deal Brexit would harm both European Union and UK

Government defeated an amendment from Tory backbench MPs which would have kept UK in a customs union with the EU if it fails to agree a free trade deal

And he urged Mrs May to return to the "glorious vision" of Brexit she set out in a speech back in January previous year.

Mr Davies said that Tories faced losing power to Jeremy Corbyn's Labour if they failed to deliver the Brexit which the country voted for in the 2016 European Union referendum.

Britain's Prime Minister Theresa May is shown on July 9 speaking in the House of Commons after the resignations of Boris Johnson and David Davis became public.

Mr Johnson quit Mrs May's Cabinet on Monday last week, declaring that the plans for the UK's post-Brexit relations with Europe which she set out at Chequers would leave Britain a "colony".

The pound sterling slumped in value Thursday as the fallout over the government's soft-Brexit plan intensified at Westminster.

The IMF says economic growth in the remaining 27 European Union states could fall by as much as 1.5 percent by 2030 if the United Kingdom falls back on WTO rules for trade with the European Union after Brexit.

MailOnline brings you latest updates.

Britain's former foreign secretary Boris Johnson urged Prime Minister Theresa May Wednesday to tear up her Brexit blueprint.

The BBC's chief political correspondent Vicki Young said Mr Johnson's friends were insisting he was not trying to emulate Sir Geoffrey Howe, whose caustic resignation speech in 1990 is widely seen as having paved the way for Margaret Thatcher's downfall weeks later.

If the amendment had passed it would have thrown May’s Brexit strategy into disarray and increased pressure on the beleaguered leader to step down
International Monetary Fund warns no-deal Brexit would harm both European Union and UK

May narrowly avoided a defeat in parliament at the hands of the pro-EU lawmakers from her own party in Tuesday's vote, helped by four opposition Labour lawmakers who went against their party to support the government.

Davies said the plan on trade is "unacceptable" and raised concerns that May being unable to deliver on Brexit negotiations with the European Union would "almost certainly lead to the catastrophe of Jeremy Corbyn becoming Prime Minister".

She told MPs: "I would not have gone through all the work that I did to ensure that we reached that agreement only to see it changed in some way through these bills".

Barnier said Britain shared the EU's desire for an ambitious trading relationship, a level playing field and a security partnership.

The former London mayor, who has made his ambition to be prime minister clear in the past, told parliament he backed May but then savaged her Brexit policy saying it would leave Britain in a "miserable, permanent limbo".

"Brexit continues to mean Brexit", May said to cheers from her Conservative supporters.

May's government was also forced to abandon a plan to start parliament's summer recess five days early, in a possible bid to head of a vote of no confidence, after much criticism.

He added: 'All it shows is that, while the vehicle is careering towards the Brexit cliff-edge, senior Conservatives are fighting over what song to play on the stereo.' The prime minister wasn't even in the Commons to hear the address because she was answering questions about Brexit to a committee of MPs. The move infuriated pro-European Conservatives, sowing the seeds for Tuesday's unsuccessful rebellion.

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