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Prime Minister Theresa May, who failed three times to get the deal approved by parliament, has said she will resign on June 7 and several of those vying to replace her have said they plan to seek changes to the agreement.
The EU has previously said it is not open for renegotiation.
"If the EU doesn't want to negotiate any changes - which I think would be unfortunate and I think would be quite surprising - then I think that of course does increase the chance of a no deal exit," Fox said during a trade visit to Egypt.