DEBATE: Are the Operation Yellowhammer warnings about no-deal likely to be exaggerated? DEBATE: Are the Operation Yellowhammer warnings about no-deal exaggerated? Are the Operation Yellowhammer warnings about no-deal likely to be exaggerated? Ruth Lea, economic adviser to the Arbuthnot Banking Group, says YES. The Yellowhammer warnings have a weary familiarity to them. As with Project Fear Mark 1, prior to the 2016 referendum, any possible negativities have been ramped up out of all proportion. In 2016, [...]