Britain's Chancellor of the Exchequer Javid walks outside 10 Downing Street in London. Picture: Phil Noble/Reuters

London - British Chancellor of the Exchequer Sajid Javid is expected to announce a 16.6-billion-pound (19.6-billion-dollar) no-deal Brexit fund on Saturday to counteract losses in EU funding.

In an interview with The Daily Mail late Friday, he said the money was for businesses, universities and charities over the next few years that might be affected by a loss in European Union funding.

He promised 4.3 billion pounds for those institutions for the coming year in case Britain leaves the EU without a deal on October 31.

He did not give additional details to the Daily Mail.

In the interview, he also said that a no-deal Brexit on October 31 would not be as bad as never leaving the bloc, adding that a failure to leave the EU would "tear the fabric of our society."

Prime Minister Boris Johnson wants to leave the EU on October 31 with or without a deal. Though the prime minister is legally required to submit a request to extend Brexit on October 19 should no deal be ratified by then, it is unclear what Johnson will do.