US must prepare for 'hard Brexit': Mnuchin
Steve Mnuchin (Screen Capture)

The United States must prepare for the very real possibility Britain will leave the European Union without an exit agreement, Treasury Secretary Steven Mnuchin told lawmakers on Tuesday.

"I think at this point we need to be prepared for a hard Brexit as a very realistic outcome," Mnuchin said during testimony to the House Committee on Financial Services.

He added that the US Treasury had coordinated with the Federal Reserve, the FDIC banking regulator and other agencies to be ready for such a scenario, as London and Brussels scramble to avoid a chaotic "no deal" later this week