The UK is under-prepared to leave the European Union without a Brexit deal, a former Bank of England Governor has said. 

Mervyn King argued that the Government had wasted a year and should be much "further along the road" of planning what to do if negotiations with Brussels fail.

His words come as early talks with the EU stalled over the issue of citizens' rights and with UK businesses calling on the Government to extend the negotiating period to avoid a chaotic Brexit in Ma