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.

IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.

The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.

Please see important Research Disclaimer.

Trading around Brexit

Find out how the UK’s exit from the EU continues to affect traders, and discover:

  • The unique opportunities in a ‘hard’ and ‘soft’ Brexit
  • The markets you should be watching
  • Everything that’s happened so far

Live prices on most popular markets

  • Forex
  • Shares
  • Indices
liveprices.javascriptrequired
liveprices.javascriptrequired

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

liveprices.javascriptrequired

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.

The Momentum Report

Get the week’s momentum report sent directly to your inbox every Monday for FREE. The Week Ahead gives you a full calendar of upcoming key events to monitor in the coming week, as well as commentary and insight from our expert analysts on the major indices to watch.

For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.