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Report: UK government mulls bailout fund amid Brexit uncertainty

The government of U.K. Prime Minister Boris Johnson is preparing a bailout fund to aid businesses at risk of collapse in the case of a no-deal Brexit, The Times of London reported.

Cabinet Office Minister Michael Gove, who chairs the special committee in charge of preparing the country for a no-deal Brexit, reportedly said government ministers were working on a support package for companies at risk of collapse.

According to the newspaper, the ministers have identified a list of high-risk U.K. employers, with construction and manufacturing sectors expected to be worst affected if Britain leaves the EU without a deal.

Gove said in July that the government is "working on the assumption" the U.K. will leave the EU without a deal, adding that planning for a no deal is now the government's top priority. Earlier in August, U.K. Chancellor Sajid Javid announced a £2.1 billion funding package to "intensify" preparations for a potential no-deal Brexit.

Meanwhile, fears of a recession amid Brexit uncertainty were fueled anew by a data estimate from Office for National Statistics which showed that the U.K. economy unexpectedly contracted in the second quarter for the first time since the end of 2012 as Brexit uncertainty hurt business investment.