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<p>The government’s priority has been to ensure a smooth and orderly withdrawal from
the EU with a deal as soon as possible. The government has reached agreement with
the EU on an extension until October 31<sup>st</sup> at the latest, with the option
to leave earlier as soon as a deal is ratified. However, “No Deal” remains the legal
default at the end of the extension period if a deal cannot be reached. As a responsible
government we have been preparing for this possibility for almost three years to minimise
any disruption in the event of no deal. The Treasury and the Bank of England together
have all the tools of fiscal and monetary policy available to us, including the fiscal
headroom the Chancellor has held in reserve.</p><p> </p>
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