THERE is a 30 per cent chance Britain will end up staying in the European Union, self-styled “Brexit saboteur” Sir Vince Cable told businesses in Cumbria.

The Liberal Democrat leader and critic of the Government’s handling of Brexit, also told business leaders gathered in Kendal on Thursday that he thought no-deal was a “bluff”.

Sir Vince told the Cumbria Chamber of Commerce-hosted event, there was 50-50 as to whether Theresa May’s current deal being kicked around the corridors of Westminster would get through Parliament.

And while he said Brexit would cause economic harm, and probably a recession in the UK it would not be on the scale of the economic crisis of 2007-2008. Sir Vince, and the Liberal Democrats have argued for a second referendum, or so-called “people’s vote” hoping the public coming out in favour of making a u-turn.

Addressing around 60 invited business leaders from across South Cumbria, Sir Vince, said: “I think there’s a 30 per cent chance we finish up staying and a 20 per cent risk of a no-deal. There is a risk, but not massive.

“Even if Theresa May’s deal goes ahead, we will spend the next two, maybe four, years arguing with the EU over the detail.”

On the economy, Sir Vince said uncertainty was holding business back. He added: “Businesses are not investing and there is very little ambitious investment. Stockpiling is keeping the economy going at the moment.”