Philip Hammond

Live updates

In a tweet he spoke of the "great sadness" that came with making the decision.

The former chancellor hopes the PM can get a deal but warns "it won't be the deal he's put on the table".

Johnson and Hammond are in agreement - it will be a no-deal Brexit on October 31, unless there is an external or exogenous shock.

The PM's remarks came after Philip Hammond accused him of trying to "wreck" a new Brexit deal by making demands the EU will not accept.

Mr Hammond, who has been in Number 11 for three years, has been a vocal critic of a no-deal Brexit.

Philip Hammond is preparing to return to the backbenches under the incoming administration.

So will Theresa May sack him? Seems very unlikely.

The Chancellor says Paris will be able to ‘dial up’ queues for traffic going into the port of Calais at will.

Several minutes of disruption was caused to the event, which was attended by around 350 guests.

He will use a speech to warn that a no-deal Brexit could hit the public finances, risk the break-up of the UK and damage the economy.