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6/20, 6:22 AM (Source: TeleTrader)
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Hammond: Next MP must have a plan B for Brexit

United Kingdom's Chancellor of the Exchequer Philip Hammond will warn the Conservative Party that its new leader, and UK's next prime minister, needs a "plan B" in case negotiations with the European Union do not end in an agreement. According to excerpts from his upcoming City of London speech, he will caution that a no-deal scenario would cost the UK the £26.6 billion it set aside for Brexit and that the UK economy would be left "permanently smaller."

Hammond will also remind that the EU will not renegotiate the Brexit deal and that the issue of the Irish border "will not go away," urging the Tories to "be honest with the public."

"If the new prime minister cannot end the deadlock in Parliament, then he will have to explore other democratic mechanisms to break the impasse," Hammond will say, indicating that a referendum or a general election may be necessary. However, none of the current candidates for Tory leadership have backed those options.

Breaking the News / DJ