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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.