Calls for inquiry into claims Johnson´s backers benefit from no-deal Brexit

Philip Hammond, the former Chancellor, has claimed that the Prime Minister, Boris Johnson, is backed by speculators who have bet billions on a disorderly exit from the European Union.

Writing in The Times, Hammond said the “radicals” advising Johnson in Downing Street “do not want a deal” with Brussels.

The MP, who had the Tory whip removed for  backing legislation to block a no-deal Brexit,  said: “Boris Johnson asserts, ever more boldly, that we will leave the EU on October 31, ‘with or without a deal’. 

Hammond, who will not be attending the annual tory conference for the first time in 35 years, also claimed the party he first joined is “suffering a convulsion that makes it – for now at least – unrecognisable to me”.

The former Chancellor emphasised he was repeating a comment made last week by Rachel Johnson, the Prime Minister’s sister.

Rachel Johnson warned last week that she believes the PM’s bizarrely aggressive behaviour may be due to pressure “people who have invested billions in shorting the pound or shorting the country in the expectation of a no-deal Brexit.”

In August the Sunday Times revealed how Johnson’s pro-Brexit backer, Crispin Odey, has bet £300m against British businesses and stands to make huge profits from the stock of British firms plummeting in the event of a no-deal Brexit .

Johnson, and the Tory Party, have been criticised by politicians and commentators for accusing anyone not backing an economically disastrous no-deal Brexit of “surrender” and “betrayal.”

Persuaded by Hammond´s claims, John McDonnell the Shadow Chancellor, has written to the Cabinet Secretary, Sir Mark Sedwill, asking for an investigation into alleged conflicts of interest with currency speculators.

Johnson and his party had received “a significant sum” in donations from no-deal backers, a number of whom are involved in hedge funds, he added.

McDonnell said there had been widespread reports of increases in short positions taken against sterling in the lead-up to a possible no-deal Brexit.

He added: “It is becoming increasingly apparent from public comment that the prime minister is bringing into doubt whether he is upholding the highest standards, thereby further undermining public confidence and trust in him and his government... It is important for public confidence and trust in the House of Commons that any real or apparent conflict of interest is investigated.”

The UK’s most senior civil servant is now under pressure to investigate Johnson’s financial backers.

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