Sir Bernard Jenkin has claimed a no-deal Brexit would result in the country "cashing in", not "crashing out".
The Conservative MP appeared on the breakfast show to discuss a looming meaningful vote on Theresa May's proposed Brexit deal, which divided MPs before Christmas.
"We can perfectly easily leave without a Withdrawal Agreement - it won't be as convenient or smooth as having a Withdrawal Agreement, but it will end the uncertainty much more quickly," Sir Bernard told Julia Hartley-Brewer.
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"We'll be cashing in instead of crashing out. We'll be saving £39 billion which we'll be able to spend on mitigating the effects of a no-deal Brexit, and the economy will probably grow faster than it would had we stayed in the Withdrawal Agreement."
A vote is expected to take place on Ms May's deal next Tuesday, with the Prime Minister inviting MPs for New Year's drinks today and Wednesday in an effort to drum up morale in the Conservative party.
'Deal is not going to go through Parliament'
"I think she's anxious to build a bit of team spirit in her party after the disagreements we had before Christmas," Sir Bernard said.
"She's very sincerely and honestly and doggedly pressing her deal, but in the end she has to accept that this deal is not going to go through Parliament unless it's very substantially changed."
The politician added: "We hoped there would be an agreement but Parliament voted for an act which means we leave on March 29, whether or not we have an agreement."