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Former Treasury secretary hints no-deal Brexit could force him to leave cabinet

Former Treasury secretary, now Justice secretary ,David Gauke has suggested that he could leave the cabinet in the event of a no-deal Brexit, and that he would be “very surprised” if the prime minister backs one if her deal fails.

Gauke, who has been central to much of the government’s pensions and tax policy in recent years, including as secretary of state for work and pensions, told the BBC it would be “very difficult” for him to keep his cabinet role if no-deal became government policy.

He said: “I think making a conscious decision to proceed with no deal would not be the responsible course of action and I think we would have to look at what other choices were available to us.”

Questioned on the prospects of him remaining in the cabinet if this happened, he said:”I think it would be very difficult for me in those circumstances.”

Gauke added that people should back prime minister Theresa May’s deal to avoid an “accidental no-deal”, as senior Conservative Party figures continue to drift apart on the issue.

Leave campaigner and commons leader Andrea Leadsom has suggested a “managed no-deal” would be possible, while work and pensions secretary Amber Rudd has left the door open for a second referendum.


DB transfers to top £60bn over next three years

Consultants Mercer estimate nearly one third of a trillion pounds will be paid out from defined benefit schemes between 2019 and 2021. The record amount is due to large numbers of active and deferred members expected to transfer to another arrangement alongside a rapidly growing buy-in and buy-out market. This year has seen a record […]

Tapering of annual allowance – adjusted and threshold income

The definitions of adjusted income and threshold income used to determine whether, and to what extent, someone’s annual allowance will be reduced can be confusing.  Here we try to make sense of it all. The annual allowance will be reduced for high income individuals from 6 April 2016.  Our previous article Tapering of annual allowance […]

L&G apologies to client over pensions tax free cash error

Legal and General Assurance Society has apologised to a client for making repeated mistakes in the information it gave about the amount of tax free cash he could take. In a ruling from The Financial Ombudsman Service, Mr M complains L&G’s errors resulted in the need for him to return funds and caused him “significant trouble” and […]


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