UK allocates further £2.1 billion for no-deal Brexit planning
The UK said it will spend an extra £2.1 billion to stockpile medicines and hire more border officers in preparation of a no-deal Brexit.
The UK Government has allocated an additional £2.1 billion to cover the cost of stockpiling medicines, hiring new border officers and cover other related costs associated with a no-deal Brexit.
The allocation of funds was made by the new Chancellor of the Exchequer minister Sajid Javid, who said that the UK economy remained strong enough to handle a no-deal Brexit.
‘A lot of the work was going on but (what) we needed to do was turbo charge it to make sure we are properly, genuinely ready,’ Javid said.
Irish backstop must be abolished, says Boris Johnson
Earlier this week, Johnson told his counterpart in Ireland, Leo Varadkar, that the UK will leave the European Union on October 31 ‘no matter what’ and that the Irish backstop must be scrapped in any new deal.
‘We have been clear we want to get a deal, but it has to be a different deal, a good deal, one that abolishes this undemocratic backstop, and if we cannot remove that backstop then we have to leave with no deal,’ Javid said.
Labour condemns no-deal Brexit spending plan
The main opposition Labour party has labelled the Brexit spending plan as an ‘appalling waste of taxpayers’ cash’ because most UK lawmakers have vowed to block Britain bailing out of the bloc without a deal.
‘This government could have ruled out no deal, and spent these billions on our schools, hospitals, and people,’ Labour’s Shadow Chancellor of the Exchequer John McDonnell said.
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
Trading around Brexit
Find out how Britain’s EU exit continues to affect traders, and discover:
- How you can trade on Brexit
- The markets you should be watching
- Brexit trading strategies for key assets
Live prices on most popular markets
- Equities
- Indices
- Forex
- Commodities
Prices above are subject to our website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
