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No Deal Brexit Would be Catastrophic for UK Economy - Philip Hammond

© AP Photo / Tim IrelandAn anti-Brexit pro-remain supporter shouts out during a gathering outside the House of Parliament in London, Tuesday, March 12, 2019.
An anti-Brexit pro-remain supporter shouts out during a gathering outside the House of Parliament in London, Tuesday, March 12, 2019. - Sputnik International
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After Thursday's European Council meeting, the EU leaders agreed to grant the United Kingdom a short Brexit extension until 22 May if the UK House of Commons is able to pass a Brexit agreement deal next week. If the bill is rejected the extension will last until 12 April.

UK Chancellor of the Exchequer Philip Hammond said on Sunday that in case of a no-deal Brexit Britain will have the means to support its economy in the short term, however, it won't be able to eliminate the financial dangers in a long term perspective.

READ MORE: Over One Million Anti-Brexit Protesters in London March

Hammond noted that Bank of England and the Treasury have a specific set of tools that will be used to help the economy in a no-deal Brexit scenario.

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Commenting on UK Prime Minister Theresa May's agreement, Hammond stated that the lawmakers had it in their grasp "to either agree", or "find another deal".

Hammond's remarks come at a time when the Sunday Times reported that at least 11 UK cabinet ministers were seeking to oust Prime Minister Theresa May over her handling of the Brexit process.

Earlier this week, the European Union has agreed to grant the United Kingdom a delay to the original departure date of 29 March. The United Kingdom has time to decide until 22 May if its parliament passes the withdrawal deal next week, and until 12 April if it does not.

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