Treasury to advise on funds for preparing to leave EU, says PM, as chancellor says it is too soon to spend on preparing for ‘no deal’

Theresa May has said the Treasury will write to government departments letting them know how they can spend £250m set aside for Brexit preparations, after the chancellor insisted it was not yet time to get ready for a “no deal” scenario.

During a lengthy grilling from the cross-party Treasury select committee on Wednesday, Philip Hammond insisted that while no deal remained a possibility, he would not authorise expenditure immediately.

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