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British Government Doubles Budget For No Deal Brexit

Britain is providing more money for unregulated Brexit under new Finance Minister Sajid Javid. In addition, there are now 2.1 billion pounds (2.3 billion euros) ready to prepare the country for this scenario. The new prime minister, Boris Johnson, had recently made it clear that he would like to leave the European Union, even without a divorce agreement at the end of October. This is likely to seriously affect the UK economy and affect many other countries as well.

Javid said that optimal preparation is crucial now. “If we do not get a good deal, we have to go without it.” The financial resources for preparations this year would be doubled. In total, the Ministry of Finance has budgeted 4.2 billion pounds for the current financial year in order to be prepared for a no-deal Brexit.

Among other things, the British government wants to hire about 500 new border guards. Together with other measures, she wants to get hold of the threatening chaos at the ports – for a total of about 344 million pounds. £ 434 million will also be used to provide sufficient medicine, including additional cargo capacity, stocks, and supplies. In addition, with 108 million pounds, the economy is to be supported.

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The British government also wants to provide £ 1 billion to help Scotland, Wales and Northern Ireland prepare better for a no-deal Brexit.

The border between the EU country Ireland and the British province of Northern Ireland could actually become one of the sticking points in the case of an unregulated exit from the EU: there are threats of controls, which then slow down and increase the cost of goods transport. The remaining budget will initially be made available to the British government agencies.

The British Chancellor of the Exchequer John McDonnell of the Labor Party called the increase in the budget as a “tax wastage”. The reason for this is that Boris Johnson applies it to a Brexit without an agreement, which then “absolutely unavoidable”, he said by mail. “If this government had excluded Brexit without agreements, it could spend the money on schools, hospitals, and people.”

The British government is providing another 2.1 billion pounds (2.3 billion euros) to prepare for Brexit. Finance Minister Sajid Javid said Wednesday that £ 1.1 billion would be released immediately to prepare key sectors for an EU exit on 31 October. Another billion would be available should additional funding be needed. This will double the government’s budget for the Brexit preparations this year.

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According to the Ministry of Finance, the additional funds will accelerate border preparations, business support and the supply of medicines. Also, an information campaign should be started. Javid said three months before Brexit, plans need to be stepped up to make sure “we’re ready.”

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Hrishikesh Singh

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