Budget 2017: Hammond announces £3bn more for Brexit preparations over next two years

Posted On: 
22nd November 2017

The Government will set aside an extra £3bn over the next two years to prepare for Brexit, including a possible ‘no deal’ scenario, Philip Hammond has announced.

Brexit Secretary David Davis alongside the European Commission's lead negotiator, Michel Barnier
Credit: 
PA

The new money comes on top of £700m already allocated, with the Chancellor indicating he is prepared to offer more cash if necessary.

Delivering his key Budget statement this afternoon, Mr Hammond struck a positive tone, having faced a barrage of criticism from his own Tory colleagues over his attitude to Brexit.

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“We have already invested almost £700 million in Brexit preparations,” he told MPs.

“And today I am setting aside over the next two years another £3 billion. And I stand ready to allocate further sums if and when needed. No one should doubt our resolve.“

Pro-Remain MPs piled into the Chancellor:

 

 

 

 

 

 

 

‘TOP PRIORITY’

Mr Hammond also stressed the importance of getting early agreement on the implementation period set out by Theresa May in her Florence speech in September.

“As Chancellor, I am clear that one of the biggest boosts we can provide to businesses and families, one of the best ways to protect British jobs and prosperity as we build that new future, is to make early progress in delivering my Right Honourable Friend’s vision with an implementation agreement that allows businesses to plan and invest with confidence.

“And this government will make the pursuit of that progress a top priority in the weeks ahead," he said.