Responding to news that Barclays Bank plans to move £190 billion of its business to Ireland, Leader of the Liberal Democrats Vince Cable said:

“This shows the huge real life cost even the threat of no deal is wreaking on the economy. We already know many companies are losing orders and piling up stocks they don’t need.

"This massive switch of Barclays resources to Ireland is yet another loss to the UK – which may never be reversed. Philip Hammond confirmed to me yesterday that The Treasury is authorising hundreds of millions, perhaps billions, of spending of taxpayers’ money on purely precautionary measures which have no lasting value. We cannot criticise the banks for doing the same.

"The only way to offer certainty to businesses that cannot rely on the government is to go back to the public with a People’s Vote.”

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