05 September, 2019

Philip Hammond claimed that a no-deal Brexit could possibly cost the UK up to £90bn.

Sterling was gaining very slowly in the late morning, up 0.43% against the US Dollar which stood at roughly $1.2306. The Pound was also up against the Pound by 0.35% at 1.1142 euros.

The pound continued its gains against the Dollar throughout the day following the results of the Bill from yesterday where MPs had voted to prevent a no-deal Brexit.

Philip Hammond claimed that a no-deal Brexit could possibly cost the UK up to £90bn.

The Chancellor, Sajid Javid stated on BBC Radio 4’s Today Programme “I think the truth is, because having a no-deal exit from the EU would be unprecedented, it’s never happened for any country before, there are so many factors that can go into that, I don’t think anyone can put a reliable figure on what the impact may or might be.”

“I don’t pretend you can mitigate everything… I am confident we can come through no-deal and come out eventually as a stronger economy.

“What I want to see is a deal on 31 October, we are working very hard towards a deal, but you’re right to talk about the possibility of a no-deal because we are absolutely not ruling that out. If that’s what it takes to leave on 31 October, that’s what will happen.”

He suggests his spending plans are “sustainable”, whether there is a Brexit deal or not.

“You talked about grave danger to the economy and please let me address that issue,” he said.

“When I talk to businesses… yes of course they are concerned about the uncertainty around Brexit…. But their number one concern [about the economy], is the prospect of a Labour government and how this Labour party, the most hard left we’ve seen in a generation, will absolutely, most certainly, crash the economy.”

“If you have a general election in the interim, that is where the focus will be and there will be people in Brussels rightly thinking who is going to form the next government.”

“But I am clear that in the time that we have that you can continue to have those discussions, you can reach a deal and bring it to Parliament”

“Parliament would have to sit long, it might have to sit all night. It might have to sit through weekends, but it is imperative we deliver on our commitment to leave on 31 October.”