If the United Kingdom leaves the EU without a deal it could have "very significant" costs for some parts of the British economy, Roberto Azevedo, Director-General of the World Trade Organisation (WTO), said.

Azevedo said that economists were best placed to estimate the potential impact of a no-deal Brexit, which would leave the British economy trading on WTO rules.

"But I would say there will be costs, and the costs may be very significant in some sectors, and maybe less significant in other sectors. But overall, there will be an impact, we all know that," he told.