Brexit News: Does A No-Deal Brexit Threaten The UK's Future? Theresa May To Issue Warning

British Prime Minister Theresa May is slated to give a speech on Thursday warning her successors of the threat of a no-deal Brexit, the term referring to the United Kingdom leaving the European Union (EU) with no agreement about the process.

May, a member of the Conservative Party, will step down from her role as PM due to the lack of a deal on the Brexit issue, and is waiting for a fellow Conservative Party member to take over. May sought a deal that failed in Parliament which would have given the U.K. a 21-month transition period to negotiate trade deals.

Financial services firm Moody's has warned that the U.K. will be plunged into a recession if it leaves the EU without a deal.

The Conservative Party will meet Friday to discuss appointing May's possible successor on July 23, with former Foreign Minister Boris Johnson and current Foreign Minister Jeremy Hunt as the top picks. Both Johnson and Hunt say they are prepared to walk away from the EU without a deal on Oct. 31.

The EU will also be experiencing a change of leadership, which could influence the Brexit negotiations.

The EU nominated new leaders on Wednesday, with German Defense Secretary Ursula Von der Leyen to replace Jean-Claude Junker as President of the European Commission and Belgian Prime Minister Charles Michel replacing Donald Tusk as the head of the European Council.

In the past, EU leaders have strongly opposed the U.K. leaving the bloc.

In 2016, the U.K. voted to leave the EU in a nationwide referendum. The country has been a member of the EU since 1973.