Brexit warning: Brussels could demand £190bn bail-out from Britain in eurozone cash crisis

The Brexit Coalition, a newly-formed body of 29 diverse pro-Brexit campaigning organisations, including the Alliance of British Entrepreneurs, Artists for Brexit and Farmers for Britain, said the UK would still have to contribute if a future bail-out sparked financial meltdown in the eurozone. In a letter to Conservative Party constituency chairmen and senior Tory officials, the Brexit Coalition calls on members to support a new prime minister who is “committed unequivocally” to backing a clean WTO-based Brexit which would end the UK’s massive contingent liabilities to the EU.

Brexit Coalition president and former Liffe boss Daniel Hodson said Britain is obligated to a contribution of around £186bn to any bail-out should the eurozone tip into economic crisis.

And he warned this was is an “increasingly likely scenario” given the current state the eurozone.

He said: “These liabilities have not been discussed deeply enough in the Brexit debate.

“To avoid the scenario in which the UK would have to rescue EU banks despite not being a member of the eurozone, the UK needs to leave the EU and cut its contractual ties as soon as possible.”

The warning comes as Tory leadership hopeful Boris Johnson insisted he was “not bluffing” over his commitment to take the UK out of the European Union on October 31 - with or without a deal.

The Tory leadership frontrunner said the EU had to "look deep into our eyes" and realise that the UK was prepared to walk away.

His campaign received the support of Home Secretary Sajid Javid, who said Mr Johnson was "better placed" than Jeremy Hunt to "deliver what we need to do at this critical time".

Asked if his commitment to the October 31 deadline was a bluff, Mr Johnson said: "No… honestly. Come on. We've got to show a but more gumption about this.

"We were pretty much ready on March 29. And we will be ready by October 31.

"And it's vital that our partners see that. They have to look deep into our eyes and think 'my god, these Brits actually are going to leave. And they're going to leave on those terms'.

"Everybody who says 'I can't stand the idea of a no-deal Brexit', what they really mean is actually they don't want to leave at all.

"If we had to come out on World Trade Organisation terms, I really think this country has the versatility and the creativity to get through it and prosper and thrive."

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