The chief executive of the Port of Dover has issued a warning that the port risks losing trade valued at £1 billion a week under a no-deal Brexit.

At a party fringe meeting Doug Bannister said that while extensive preparations had been made, the port would take a substantial financial hit if no agreement had been reached by the October 31 deadline.

“That’s how critical it is. If there’s a no-deal Brexit, it’s not going to be OK. But people are doing all they can to ensure Britain keeps trading,” he said.

In a statement ahead of the meeting in Manchester, the port, the busiest in the UK, had underlined the importance of keeping traffic moving after Brexit, saying it was vital if the UK’s economy is to continue to grow.

The port was one of two in Kent to learn last week that it is to get a share of another round of government funding to help prepare for Brexit.

Mr Bannister said: “Dover is a fast-pace operation unlike anywhere else and has been dubbed Britain’s just-in-time trade conveyor belt; but it is Ireland’s too with around 40% of Irish exports to the EU travelling via Dover. Business as usual means Dover as usual and that is what we have been working on.”

However, he said the port was one link in the chain and governments had a responsibility to ensure that borders operate efficiently.

The port has been under the spotlight in the run-up to the Brexit deadline on October 31.

There have been predictions that HGVs could face delays with customs clearance checks taking longer once Brexit takes effect.

Documents released by the government under Operation Yellowhammer, its contingency preparations, have suggested that in some scenarios, lorries could be delayed by up to two and a half days.

Lack of readiness and limited space in French ports could cut HGV traffic by 40-60% and lead to disruption lasting three months

The Port handles 17% of the UK’s trade in goods on the shortest sea crossing between the UK and the EU. Some 120 ferry movements take place daily with a fleet of 12 ferries carrying up to 110 miles of lorries between them – more than all other UK ports combined.

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