Brexit

Treasury written question – answered on 3rd October 2019.

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Photo of Kirsty Blackman Kirsty Blackman Shadow SNP Spokesperson (Economy), SNP Deputy Leader

To ask the Chancellor of the Exchequer, what steps the Government is taking to avoid a recession in the event that the UK leaves the EU without a deal.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The Government’s preference is to leave the EU with a deal and is working in an energetic and determined way to get that deal. The Government has been stepping up preparations for leaving the EU. We have made more than £8 billion available to prepare for EU Exit since the referendum, including £2.1 billion specifically for No Deal planning.

The fundamentals of the British economy are strong – wages are growing at the fastest rate in over a decade, employment is at a joint record high and the unemployment rate is at its lowest in over 40 years. If the UK leaves the EU without a deal, we will be ready, and HM Treasury will be ready to support the economy if needed.

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