The chances of Britain leaving the European Union without a deal at the end of October are underpriced, Britain's Brexit minister Stephen Barclay said on Wednesday.

Asked about the likelihood of a no-deal Brexit, Barclay pointed to the fact that parliament is only due to sit for a relatively short period of time in September and October and that legislation required to pass a deal would be significant.

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"I think a no deal is underpriced. It is still this government's intention and both leadership candidates' intention to seek a deal and I think it is the will of many members of parliament for there to be a deal," he told a committee of lawmakers.

"But the question then will be is there a deal that is palatable to parliament and if not will parliament vote to revoke or will we leave with no deal?"

His comments came after both candidates for the next prime minister, ex-London Mayor Boris Johnson and foreign secretary Jeremy Hunt, hardened their positions on Brexit and referred to Britain's departure with no overall deal in place as a realistic prospect.

Johnson and Hunt are taking part in a final question-and-answer session later on Wednesday before the result of the vote by Conservative Party members is announced on July 23 and the new prime minister is installed on July 24.

(With inputs from Reuters, AFP)

(Cover: Secretary of State for Exiting the European Union Stephen Barclay arrives at Downing Street in London, the UK, November 19, 2018. /VCG Photo)