The latest Brexit news is that the new U.K government led by Brexit hardliner Boris Johnson has fast-tracked preparations for leaving the European Union by October 31 even without a deal with the EU.

The Johnson government is pumping more funds for the preparations and is envisioning a no-deal Brexit while the EU stands uncompromising on making any amends to the earlier deal it offered to Theresa May.

Johnson, who emerged winner in the Conservative Party leadership race to become the Prime Minister is keen to walk the talk on Brexit by “do or die, come what may.”

Michael Gove, the minister in charge of preparations for a no-deal Brexit, said the government is “working on the assumption” of leaving the EU without a deal.

Sajid Javid, newly-appointed Finance Minister on Sunday announced an extra £1 billion ($1.2 billion)of funds to boost the no-deal preparations.

Foreign Minister Dominic Raab also added that the U.K. is “turbo-charging” no-deal Brexit preparations.

Despite the heightened pace of contingency plans to gear up for the no-deal days, there is a perception that the current preparations are not adequate to manage the challenges involved in an abrupt departure from the EU.

The perils of no-deal exit mainly involve an abrupt departure from the EU without a transition period that would have allowed businesses to adjust to a life outside the bloc.

Leaders in the new government had been vocal opponents to the Brexit deal struck by former leader Theresa May with the EU.

They called it unacceptable and not ready for any compromise on the “Irish backstop” issue that sought to ensure that there is no hard border between Ireland and Northern Ireland which is a part of the U.K for a soft border with the EU.

The backstop would also force the U.K. to have an eternal cordial relationship with the EU as part of the customs union.

Brexiteers want to renegotiate that Irish backstop issue but the EU is not prepared to rework the deal or reverse its stand on the backstop.

Concerns of the business sector on no-deal Brexit

But British businesses have strong concerns on a no-deal Brexit as they see it as a “cliff-edge” and wanted to avoid it at all costs.

Leaving the EU without a deal would also mean no transition period is available for businesses to adjust to a new life outside the EU which is the U.K.’s largest trading partner as a bloc.

On Sunday, the Confederation of British Industry (CBI) published a study that noted neither the U.K. nor EU is prepared for a no-deal outcome.  Boris Johnson Boris Johnson, Conservative candidate for Uxbridge celebrates on stage following his win as he attends the count at Brunel University London in Uxbridge, England, May 8, 2015. Photo: Getty Images/ Matt Cardy

Josh Hardie, CBI’s Deputy-Director General said the U.K. may be able to minimize the damage but it cannot escape the rigors of a no-deal.

“It’s not just about queues at ports; the invisible impact of severing services trade overnight would harm firms across the country,” the business leader warned.

Johnson says leaving EU customs union is final

Meanwhile, in a tactical shift, PM Johnson on Monday offered to go 'extra thousand miles' for a palatable deal with EU while making clear that there is no compromise on exiting EU single market and Customs Union.

 “Look, my approach is to be very outward-going. I don’t want the UK to be aloof or hanging back. I want us to engage, to hold out the hand, to go the extra mile, the extra thousand miles.”

Johnson also made clear that the “backstop is no good, it has got to go. The withdrawal agreement is dead, it’s got to go.”