UK Chancellor Sajid Javid orders HMRC to ramp up no-deal Brexit preparations – FT

Following its announcement of heavy spending plans for no-deal Brexit on the previous day, the UK Chancellor Sajid Javid has recently ordered HM Revenue & Customs (HMRC) to make preparations for a no-deal Brexit on October 31 its “absolute top priority”, as per the Financial Times.

The news report quotes a letter to the Jon Thompson, the soon-to-depart permanent secretary at HMRC that emphasize Mr. Javid’s expectations of weekly “delivery focused updates” from now on to check that preparations are being put in place to ensure exports are not held up at the border after October 31.

FX Implications

With no-deal Brexit speculations dragging the British Pound from all the corners, such news exerts additional downside pressure on the UK currency.