UK Treasury announces £2.1 billion funding to prepare for no-deal Brexit – The Telegraph

Turbo-charging the preparations of a no-deal Brexit, the UK Finance Minister Sajid Javid announces £2.1 billion in extra spending, as per The Telegraph.

The news report further claims that the £2.1 billion in extra spending will be on top of an existing £2.1 billion set aside for Brexit. The new money will be funded by dipping into Philip Hammond’s £26.6billion warchest.

The piece also quotes the Chancellor while saying that "We want to get a good deal that abolishes the anti-democratic backstop. But if we can't get a good deal, we'll have to leave without one. This additional £2.1 billion will ensure we are ready to leave on October 31 - deal or no deal."

FX implication

Despite witnessing no immediate impact of the news, the UK lawmakers’ preparedness for a no-deal Brexit is likely to keep weighing on the GBP/USD pair.