Sign up for a daily newsletter defining what matters in business and markets

Stories

U.K. cancels Brexit ferry deal with company with no ships

The U.K. government canceled an $18 million contract on Saturday to ship additional goods from Europe in the event of a no-deal Brexit with Seaborne Freight, a company with no ships and no experience running a ferry business, reports the BBC.

Background: British officials said they withdrew from the deal because an Irish firm that financed the company had revoked its support, adding that the government was "in advanced talks with a number of companies to secure additional freight capacity" should a no-deal Brexit occur next month.

Go deeper: Top EU official muses about "special place in hell" for Brexit supporters

Brexit