Skip to main content

Question for Treasury

UIN HL17274, tabled on 17 July 2019

To ask Her Majesty's Government what plans they have to address any economic downturn that may be caused by a no-deal Brexit.

Answered on

23 July 2019

The government’s priority has been to ensure a smooth and orderly withdrawal from the EU with a deal as soon as possible. The government has reached agreement with the EU on an extension until October 31st at the latest, with the option to leave earlier as soon as a deal is ratified. However, “No Deal” remains the legal default at the end of the extension period if a deal cannot be reached. As a responsible government we have been preparing for this possibility for almost three years to minimise any disruption in the event of no deal. The Treasury and the Bank of England together have all the tools of fiscal and monetary policy available to us, including the fiscal headroom the Chancellor has held in reserve.

Answered by