Asked by: Kirsty Blackman (Scottish National Party - Aberdeen North)
Question to the HM Treasury:
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.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
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.