No Deal Brexit bailout fund to stop some of Britain’s biggest employers going out of business if the UK crashes out the EU is being planned by Boris Johnson’s ‘war cabinet’
- The Prime Minister has created a list of British employers considered at risk
- It comes after the country’s economy shrunk for first time in seven years
- Economy is the lowest it has been in a decade, prompting fears of recession
Fears the British economy is on the brink of a recession has led to Boris Johnson preparing a bailout fund for at-risk businesses.
The Prime Minister has created a list of British employers considered most at risk of collapse in the case of a ‘technical’ recession, the Times reported.
It comes after the country’s economy shrunk for the first time in seven years with 0.2 per cent negative growth in the three months to June.
The Prime Minister has created a list of British employers considered most at risk of collapse in the case of a ‘technical’ recession (file image)
Britain could enter a ‘technical recession’ after two quarters of negative growth.
Boris Johnson has written to civil servants advising them to prioritise preparations for a No Deal Brexit and leave for all political advisers has been cancelled.
But politicians have been contradicting themselves as to the risk of entering a recession.
Sajid Javid, the chancellor, has said a no-deal Brexit is ‘nothing to be frightened of’.
He added: ‘We will be ready for it, we will get through it, we will come out stronger and even more resilient.’
But George Freeman, a transport minister, said a no-deal Brexit would be an ‘absolute disaster’.
Michael Gove discussed Operation Kingfisher publicly for the first time during a visit to Northern Ireland. Pictured, at Warrenpoint Port on August 8
He added that it could lead to the Conservatives being out of power for 20 years.
Mr Gove discussed Operation Kingfisher publicly for the first time during a visit to Northern Ireland.
He said: ‘One of the things we’re doing across government is developing a package called Operation Kingfisher.
‘It will be there so any businesses that may be temporarily affected by changes of circumstances that are related to Brexit can be supported… so that fundamentally viable businesses that may have the occasional cash flow or other issue can be supported.’
Mr Johnson told officials he would ‘very much prefer’ to leave the EU with a deal on October 31 but added ‘this may not happen’.
He said: ‘My approach to Brexit is simple, and I want you to be in no doubt about it.
‘We must restore trust in our democracy, and fulfil the repeated promises of parliament to the people, by coming out of the European Union on 31 October.
‘We will be leaving on this date, whatever the circumstances.’