Hammond: Brexit war chest may disappear

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Philip Hammond is set to warn that a no-deal Brexit would harm the British economy, devour a PS26. 6bn Brexit war chest, and gamble the break-up of the UK.

The chancellor is expected to say that Conservative candidates who are vying to be the next prime minister must come up with a Brexit plan “B”.

If they do not, he will intimate that a second referendum could be needed to break the Parliamentary deadlock.

He will too run cold water on tax and expend obligates by the candidates.

Mr Hammond is set to say in a discussion at the annual Manor House dinner in the City of London on Thursday that a no-deal Brexit would soak up PS26. 6bn that has been set aside that could otherwise be spent by an incoming prime minister.