Jul 28, 2019

Boris Johnson forms "war cabinet" to prepare for no-deal Brexit

Britain's Prime Minister Boris Johnson. Photo: Lorne Campbell/WPA Pool/Getty Images

Boris Johnson, the United Kingdom's newly installed prime minister, has set up a "war cabinet" to deliver Britain's exit from the European Union "by any means necessary" by Oct. 31, the Sunday Times first reported.

The big picture: The EU says it won't renegotiate the Brexit withdrawal treaty agreed to by former Prime Minister Theresa May, per AP. Michael Gove, tasked by Johnson to "turbo-charge" no-deal Brexit plans, wrote in the Sunday Times that the U.K. government is now "working on the assumption" of a no-deal Brexit.

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U.K. food, fuel and drug shortages likely in no-deal Brexit: Report

U.K. Prime Minister Boris Johnson at Venture Quay on the Isle of Wight in June. Photo: Dominic Lipinski/WPA Pool/Getty Images

Britain faces shortages of fuel, food and medicine and a likely hard border in Ireland if there's a no-deal Brexit on Oct. 31, according to U.K. government documents leaked to the Sunday Times.

Why it matters: The Cabinet Office forecast outlines the most likely aftershocks of a no-deal Brexit rather than a worst-case scenario, according to the news outlet.

Go deeperArrowAug 18, 2019

Trump promises "very big trade deal" with U.K. as Brexit deadline looms

Britain's Prime Minister Boris Johnson and President Donald Trump at the G7 summit in Biarritz, France, Sunday. Photo: Stefan Rousseau/Pool/Getty Images

President Donald Trump promised Britain Sunday a "very big trade deal" with the U.S. — "bigger than we’ve ever had with the U.K." — and declared British Prime Minister Boris Johnson the "right man" to oversee Brexit, Reuters reports.

The big picture: Trump said Britain leaving the EU would be like losing "an anchor round the ankle," per the BBC. But as the Oct. 31 Brexit deadline looms, it is still unclear whether the United Kingdom can leave the European Union with an agreement in place or, indeed, whether the U.K. will leave the EU. Johnson has vowed it will happen "do or die," but experts warn that leaving without a deal could have catastrophic consequences.

Go deeperArrowUpdated Aug 25, 2019

Boris Johnson's government is scaring investors away from the pound

Data: Investing.com; Chart: Axios Visuals

Currency traders are aggressively pricing in a no-deal Brexit scenario after remarks over the weekend from the U.K.'s new government, headed by Prime Minister Boris Johnson, and are selling the pound as a result.

What's happening: Michael Gove, who is in charge of planning for a possible no-deal exit from the EU, has said the British government is "working on the assumption" that it will leave without a deal.

Go deeperArrowJul 30, 2019