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A “no-deal” Brexit should really be called “no trade deal” says Iain Duncan Smith. The former Conservative leader told Jonny Dymond: “No-deal doesn’t exist because it would be a deal under the WTO - we already operate under the WTO, as does the EU.” He was reacting to comments from Bank of England governor Mark Carney who said the possibility of a no-deal Brexit is "uncomfortably high" and "highly undesirable".