European Chief Negotiator for the United Kingdom Exiting the European Union Michel Barnier cautioned all parties in the ongoing Brexit negotiations to 'finalise all preparations for a no-deal scenario' while speaking out of Brussels on Tuesday.

"Last week the House of Commons voted against the withdrawal agreement and voted against a no-deal scenario, but voting against no-deal does not prevent it from happening. Everyone should now finalise all preparations for a no-deal scenario," Barnier said.

Barnier added that "on the EU side, we are prepared. The European Parliament and the Council have now approved nearly all the foreseen contingency measures and are working on the two last measures that still need to be adopted, namely on short-term visas and the EU budget for 2019."

Barnier went on to say that although the United Kingdom had voted for an extension on Article 50, "it will be for the 27 leaders to assess the reason and the usefulness for an extension. The EU leaders will need a concrete plan from the UK in order to be able to make an informed decision."

Specifically, Barnier wanted assurances through a clearly presented plan that the EU would not simply end up in the present situation again after granting an extension, which he warned could incur economic and political costs on the European Union.

"In any case, the European Council will need to assess what is in the best interest of the EU," Barnier added.

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