The UK’s new Chancellor, Sajid Javid, announced an additional £2.1bn of funding to “turbocharge” no-deal Brexit preparations, including funds to ensure the “continuity of vital medicines”.

Javid revealed that £1.1bn will be provided to departments and devolved administrations immediately, while £1bn will be held and made available “should it be needed”, the Treasury said.

The additional funding has been provided as part of Prime Minister Boris Johnson’s strategy to make no-deal planning his government’s top priority.

However, despite Johnson arguing he would prefer to leave the bloc with a deal, he has expressed his belief that the EU will come back to the negotiating table if it believes Britain will walk away.

In his first major policy announcement, Javid said the extra funding will allow the government to increase training for customs officials, hire more staff to handle the expected increase in passport applications, and improve infrastructure around ports.

“With 92 days until the UK leaves the European Union it’s vital that we intensify our planning to ensure we are ready,” Javid said. “We want to get a good deal that abolishes the anti-democratic backstop. But if we can’t get a good deal, we’ll have to leave without one.

“This £2.1bn will ensure we are ready to leave on 31 October, deal or no deal.”

Many investors argued a no-deal Brexit would send shock waves through the world economy, roil financial markets, weaken London’s position as a global financial hub and potentially send Britain into recession.

The extra money announced yesterday doubles the amount of no-deal funding for this year, taking the total made available for EU exit preparations to £6.3bn.

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