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Budget 2018: Brexit budget upped to £2bn

Chancellor Philip Hammond has increased Brexit preparation funding by another £500m in the 2018 Budget today.

After allocating an initial £2.2bn to a new Brexit preparations department, Hammond noted said in last year’s Budget that a further £1.5bn for the purposes in last year’s budget.

Today he announced that figure will rise to £2.0bn.

Hanmond says he is confident the government will deliver a favourable Brexit deal, however he says he “will continue to plan for all eventualities”.

He added that a “double dividend” could come from releasing more funds from reserves and more investment could come on stream after uncertainty.

Hammond says the government is planning a full departmental spending review next year, and that, once EU negotiations are finalised, a Brexit “deal dividend will allow us to provide further funding for the spending review.”

Hammond says: “The hard work of the Birtish people is paying off. Austerity is coming to an end.”

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