Scholz: No deal Brexit will affect UK more than EU

German Finance Minister and Vice Chancellor Olaf Scholz on Saturday underlined the European Union's aim of achieving an agreement with Britain "on the basis of the lines that Europe has and existing agreements."

But he added that the EU had already "prepared thoroughly for a no-deal Brexit late last year."

"Europe is precisely and carefully prepared for this question," he said.

"My assessment is that a disorderly situation would have very significant consequences for the British economy; Europe would be in a position to deal with it, and there wouldn't be particularly severe consequences after the preparations we have already made."

The UK government has announced plans to override sections of the Brexit deal with the European Union, arguing that the EU had an “extreme” interpretation of the treaty that could jeopardize the UK's future.