Philip Hammond to quit as Chancellor over No Deal Brexit fears


But already, the former London Mayor is already facing challenges to his mooted Prime Ministership. Michael Fowler, wearing an EU-flag beret, added: "He is a chancer that will say anything, promise anything and then do whatever suits him".

These opinions were bolstered last week when the UK's Office for Budget Responsibility announced that leaving the bloc without a deal could more than double the country's budget deficit, and may lead to the UK's GDP contraction by 2 per cent at the end of 2020.

Mr Hammond said he would quit before being sacked due to his staunch opposition to a no-deal Brexit, something Mr Johnson has not ruled out pursuing if he can not get changes to Theresa May's Brexit deal.

Both candidates have promised to renegotiate the withdrawal agreement with the European Union and its most controversial part, the backstop protocol - an insurance mechanism which aims at keeping an open border in the island of Ireland.

Alternatively, a new premier could pursue a no-deal policy and allow the United Kingdom to leave on October 31 without a formal agreement - although MPs may take steps to prevent that happening.

The Chancellor has confirmed that he will resign before Theresa May goes to see the Queen to tender her resignation on Wednesday.

"That is not something I could ever sign up to."

"There will be no time to waste with just 100 days until the Brexit deadline".

"I think if the text isn't changed in any way, then it is hard to envisage how that will go through the House of Commons".

"I understand that his conditions for serving in his government would include accepting a no-deal exit on the 31st of October".

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Mr Hancock's Health Department has been at the forefront of No Deal planning.

Many prominent Leave campaigners bristled at this, considering Hammond was re-elected on a manifesto pledge to ensure Brexit was delivered come what may, as "no deal is better than a bad deal", in 2017.

Home Secretary Sajid Javid, who has given his backing to Mr Johnson, is favourite to replace Philip Hammond as Chancellor. After a month-long campaign, the victor of the contest will be announced on Tuesday as the new Conservative Party leader.

With Mr Trump ramping up the USA military presence in the area, the new prime minister could be forced to confront major decisions about war and peace early in their tenure.

The Queen is created to sit above politics in a constitutional monarchy, and the last time Westminster was suspended was in 1649 during the English Civil War.

A recent poll has shown the Brexit divide has deepened since the UK's exit was delayed, with more and more Britons supporting either a no-deal Brexit - 48 percent - or revoking Article 50 - 33 percent.

Unless a snap general election is called to elect a new House of Commons, the incoming leader will face the same parliamentary difficulties that scuppered Mrs May's attempts to build a coalition behind her proposals.

Mr Johnson said: "Then I'm going to have to live with that".

Many business leaders have warned that a no-deal Brexit would be nothing less than catastrophic for the British economy.