Boris Johnson has been forced to defend his support for a no-deal Brexit strategy on a trip to Wales, as the pound slumped to a two-year low against the dollar.
The new prime minister tried to woo Welsh farmers on his first visit since taking office, who face being slapped with swingeing tariffs if the UK crashes out of the EU without a deal.
After receiving a frosty reception in Scotland, where he was booed by protesters, Mr Johnson was also braced for a tough meeting with Welsh first minister Mark Drakeford, who has warned a no-deal Brexit would be “catastrophic” for the country.
To follow events as they unfolded, see our live coverage below
The pound slumped to a new two-year low against the dollar after Boris Johnson announced the government was “turbo-charging” preparations for a no-deal Brexit on 31 October.
Sterling dropped to as low as $1.2243 on Monday after falling 1 per cent against the US currency. The pound was also down 1 per cent against the euro at €1.102.
The fall extended a slide that has seen the pound drop from as high as $1.33 in March, hitting British holidaymakers’ spending power as they jet off for summer breaks.
More from our business team here:
Boris Johnson will be in Wales today on the latest stop on his tour of the UK, which included visits to Birmingham, Manchester and Scotland - where he was booed by protesters.
He will try to woo Welsh farmers, who are likely to be hit by swingeing tariffs if the UK crashes out of the EU without a Brexit deal. He will also discuss his Brexit approach with Welsh first minister Mark Drakeford and pay a visit to Brecon and Radnorshire, where there will be a crucial by-election on Thursday.
Ahead of the trip, Mr Johnson said: "I will always back Britain's great farmers and as we leave the EU we need to make sure that Brexit works for them.
"That means scrapping the common agricultural policy and signing new trade deals - our amazing food and farming sector will be ready and waiting to continue selling ever more, not just here but around the world.
"Once we leave the EU on October 31, we will have a historic opportunity to introduce new schemes to support farming - and we will make sure that farmers get a better deal.
"Brexit presents enormous opportunities for our country and it's time we looked to the future with pride and optimism."
Boris Johnson should expect a cool reception when he meets Welsh first minister Mark Drakeford later today.
Ahead of the meeting, the Labour politician said: "My main message to the PM remains the same: he has no public mandate for a no-deal Brexit, which would be catastrophic for Wales.
"If the UK does leave the EU, the UK government must work in close partnership with the Welsh government to mitigate negative effects on Wales and its economy."
In an open letter to the Labour leader, the former No 10 spin doctor claimed Mr Corbyn is unlikely to win a majority if a general election is called in the coming months.
Insisting Labour could be "destroyed as a serious political force", Mr Campbell made clear he does not want to rejoin the party. He was expelled in May after saying he had voted for the Liberal Democrats at the European elections in protest at Labour's stance on Brexit.
Boris Johnson’s new head of communications used to dress up as a chicken and harass Tory politicians on the street, his former employer has revealed.
Lee Cain, appointed the prime minister’s spin doctor, was previously a reporter at The Daily Mirror and was sent out in a chicken costume to taunt David Cameron during the 2010 general election campaign.
Meanwhile, Jeremy Corbyn will join anti-fracking protesters in Lancashire today as he warns Boris Johnson the UK could miss its net zero target by decades in fracking is allowed to go ahead.
The Labour leader called on the prime minister to impose an immediate ban on the recovery of shale gas as Labour released figures suggesting that full exploitation of the energy source could double national emissions of global warming-causing carbon dioxide (CO2) between now and 2050.
Mr Corbyn will accuse Mr Johnson of “bending the knee” to energy companies in his speech later.
Read our preview here:
Plaid Cymru's Liz Saville Roberts dismisses arguments that Welsh lamb can be exported to Japan from the Welsh secretary Alun Cairns.
Asked what other markets would be available to farmers by 31 October, Mr Cairns told Today: "I would point to the market in Japan that has just been opened to Welsh and British sheep, now that is a new market for us, so exports are already taking place there, but that is a significant market for which we haven't even scratched the surface yet."
Asked if he was suggesting there would be a trade deal with Japan by 1 November, Mr Cairns said: "I'm saying that Welsh sheep is already being exported to Japan, it's a new market that was agreed earlier this year, so therefore that is a new opportunity to the sheep sector that hasn't had that before this year."
Ms Saville Roberts said this would only be possible under the new EU-Japan trade deal - which is the largest ever signed. However, the UK would not necessarily be a part of this after Brexit.
Boris Johnson’s new Brexit chief wants to scrap Theresa May’s commitment to protect British workers’ rights, and has suggested Brexit is an opportunity to escape the EU’s “heavy labour market regulation”, The Independent can reveal.
Just two months ago David Frost said he was opposed to the approach advocated “by the leaders of both major political parties”, and argued that EU rights should not automatically be written into law after Brexit.
Mr Frost, former chief executive of the London Chamber of Commerce and Industry, was appointed last week by Mr Johnson to replace Olly Robbins as Downing Street’s EU chief, a role that will see him leading any future talks with Brussels.
Newly appointed international trade secretary, Liz Truss, has discussed fast-tracking a new UK-US trade deal in her first meeting with the US ambassador Woody Johnson.
In a meeting at his official residence in London, the pair agreed a new UK-US free trade agreement is the number one priority trade agreement for her department, and this point was welcomed by Ambassador Johnson.
The ambassador also welcomed the proactive new approach being taken by this government, reiterating the messages delivered by President Trump during his call with Boris Johnson.
Ms Truss said: “Negotiating and signing exciting new free trade agreements is my top priority – and none are more important than with the United States.
"This deal has the potential to deliver new markets for great British products and services and lower prices and more choices for British shoppers.
“We are fast-tracking these deals, and making sure British businesses are ready to trade so they can take advantage of the golden opportunities ahead.”
Sadiq Khan has warned Boris Johnson that the government’s plan to reduce immigration after Brexit will have “devastating consequences” for London.
The mayor of London demanded a major rethink of ministers' current plan for post-Brexit migration as he published new analysis showing that businesses in several key sectors would not be able to recruit enough staff.
Mr Khan has written to Priti Patel, the new home secretary, urging the government to reconsider its “flawed” immigration plans.
More here:
Green MEP Molly Scott Cato, who represents many sheep farmers in her constituency of South West England, has laid into Alun Cairns for his comments about Welsh lamb.
She said: "The minister is either misrepresenting or misunderstanding the situation and thereby risking the livelihoods of sheep farmers in Wales and the South West.
"He admits that the 40 per cent tariffs that will follow a no-deal exit from the EU will decimate lamb exports to the EU but suggests that a new market has just opened up in Japan.
"This market is only tariff free because of an EU trade deal between the EU and Japan (JEFTA), a deal that we will no longer be part of outside the EU.
"This indication of a fundamental failure to understand the trade situation facing our farmers - or a deliberate attempt to mislead - indicates the contempt for our farming industry shown by this government."
The Prime Minister faces having his Tory-DUP majority cut to just one if the Liberal Democrats take the seat.
Mr Johnson, who is expected to visit the seat today, said: "A vote for any party other than Conservatives pushes the Liberal Democrats one step closer to cancelling the referendum result.
"The Brexit Party cannot deliver Brexit, only the Conservatives can."
A committee of MPs has voiced “alarm” at the government’s failure to develop a policy on post-Brexit international investment agreements, with the UK fewer than 100 days away from a possible no-deal departure from the European Union.
A critical report condemned the Department for International Trade’s “inability to set out even basic lines of policy” on the agreements, which will be vital to the UK economy after EU withdrawal.
And the cross-party House of Commons International Trade Committee questioned government claims that foreign direct investment (FDI) in the UK had remained strong following the 2016 referendum vote to leave the EU, warning there was a danger that ministers were painting an excessively positive picture by “cherry-picking” figures.
A Downing Street spokeswoman said: "The Taoiseach congratulated the Prime Minister on his appointment and both leaders underscored their commitment to working closely together in the spirit of the warm and deep relationship between the UK and Ireland.
"On the process of restoring the Executive and Assembly in Northern Ireland, both leaders expressed their determination to see this happen as quickly as possible.
"The Prime Minister said the ongoing talks have his unequivocal support and that he wanted to continue to work closely with the Irish government to help drive the process towards a successful conclusion.
"He said he looked forward to visiting Northern Ireland shortly and talking to the leaders of the five main parties about this."
A Downing Street spokesperson said: "He said that in all scenarios, the Government will be steadfast in its commitment to the Belfast Agreement and will never put physical checks or physical infrastructure on the border.
"The Prime Minister made clear that the Government will approach any negotiations which take place with determination and energy and in a spirit of friendship, and that his clear preference is to leave the EU with a deal, but it must be one that abolishes the backstop.
"The two leaders agreed to stay in contact."
