Economic experts have warned against "sleepwalking" into a no-deal Brexit, making clear such a scenario is not a "credible economic strategy to adopt".

The Fraser of Allander Institute added that although fears about shortages of food and medicines could be overblown, these could be the "unfortunate reality of the UK crashing out of the EU".

Experts at the economics think-tank, based at Strathclyde University, issued the warning in a blog post, released alongside survey information showing 75% of firms in Scotland said they had not received enough information about leaving the European Union to allow them to plan for the different possible outcomes of Brexit.

Researchers spoke to about 350 businesses from a variety of sectors in a bid to find out more about their level of preparedness.

The study found: "The overwhelming response from the businesses we surveyed was that there is not enough information currently available to enable them to plan for potential Brexit outcomes.

"Whilst this is not that surprising given the uncertainties that currently exist, the scale of the response clearly shows that more needs to be done to help businesses prepare for the range of possible outcomes (even if the final 'deal' remains unclear)."

The findings were revealed after International Trade Secretary Liam Fox put the chances of the UK failing to come to an agreement with the EU at 60-40 - claiming the "intransigence of the (European) Commission is pushing us towards no deal".

The Fraser of Allander Institute said: "From an economics perspective, it is hard to believe that we are in a position where senior UK ministers are openly talking about not just a hard Brexit, but no deal.

"Two years on from the referendum outcome, simply kicking the can down the road - or sleepwalking into a no-deal outcome - is simply no longer a credible economic strategy to adopt."

It also warned "the reality of a 'no-deal' scenario is beginning to hit home, with talk of food shortages, drug stockpiles and log-jams at the border".

The think tank added: "Whilst some of this is likely to be overblown, such issues will be the unfortunate reality of the UK crashing out of the EU."

Of the firms surveyed, only 6% said the Brexit decision had had a positive impact on their business, with 44% saying it had been damaging.

A third (33%) of firms reported there had been a negative impact on current investment activity, with 41% also saying there had been a negative impact on new investment.

In addition, 33% of companies indicated Brexit had had a negative impact on staff recruitment, with only 3% reporting a positive impact.