United Kingdom lawmakers fail in latest bid to block no-deal Brexit

THE chancellor has warned Boris Johnson and Jeremy Hunt they'll have no "fiscal firepower" for their spending pledges unless they can renegotiate the Brexit deal.

During the speech, Hunt called for the "immediate ramping up of no-deal preparations", saying that Britain needs a leader who is "prepared to put in the hard yards preparing for a no-deal Brexit", underscoring that point by adding that, "you can not leave the European Union on a wing and a prayer".

Hunt and Johnson - Britain's current foreign secretary and his immediate predecessor - are competing for the votes of about 160,000 Conservative Party members across Britain.

The Cabinet minister told a gathering in Westminster: "We have built up headroom - around £26 billion of headroom - which makes it possible to make the commitments I'm making today".

The government would also channel £6 billion ($7.6 billion, 6.7 billion euros) to industries most threatened by a no-deal Brexit.

"It is temporary support, but it allows them to change their business models".

While the outcome of the Brexit is yet to be decided and depends on how the further negotiations go, it is a relief to see the Tory leadership hopefuls scheming for a smooth transition, in case of a no-deal Brexit.

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Tory Leadership hopeful and Foreign Secretary Jeremy Hunt has begun preparing for the impending no-deal Brexit crisis, with some surprising revelations to make.

Hunt's rival Johnson also said at the weekend that he would spend about £25 billion to fund his spending plans, including a promise to unfreeze public sector pay increases.

"There is a hard deadline in what I have said; by the end of September, I, as prime minister, will make a judgment as to whether there is a realistic prospect of a deal that can get through Parliament in the short term".

Meanwhile Hilary Benn, Labour chairman of the Exiting The European Union Committee, insisted it was still possible to stop the United Kingdom crashing out of the EU, despite an attempt to shut down Government spending in the event of a no-deal Brexit appearing to have stalled.

"Without the right prime minister and the right plan, Brexit is just a wing and a prayer", he said.

In the meantime, there was some good news for the FTSE 100 index this week as it reached its highest level in over two months on Monday morning, buoyed by news that the United States and China had agreed to resume talks in an effort to resolve their long-running trade dispute.

  • Sonia Alvarado