Credit rating agency Fitch has scaled back its expectations of the UK reaching an orderly transition deal with the EU on Brexit, warning that “an acrimonious and disruptive no-deal Brexit is a material and growing possibility”.

Since Britain’s vote to leave the EU in June 2016, the leading credit rating agencies have anticipated that an orderly departure, including a transition period, was the most likely outcome.

However Fitch said that this was no longer the case, in its view.