The first snippet was the prime minister's admission that her government was preparing for a Brexit with "no deal" with the EU. "Government is working on what it would need to put in place if there was 'no deal,'" she said. This is the worst-case scenario, in which Britain fails to negotiate a trade pact inside the two-year time period laid down in Article 50, and leaves the EU with no access to the Single Market or the customs union. It would raise tariff barriers immediately between the UK and its single biggest import-export partner. That would shave a couple of points off GDP growth and plunge Britain into a recession of its own making.