British Pound slumps to 31-year low following Brexit vote

Results from across the country suggesting the Brexit camp were on the brink of declaring a referendum victory saw sterling down 10% against the dollar

A woman in New York watches the pound fall on a laptop.
Photograph: Andrew Kelly/Reuters

by Daniel Grote//AIWA! NO! Then press//The pound has fallen after investors took fright at the prospect of the UK leaving the European Union without a deal, as the government published a raft of documents detailing the consequences.

The pound fell 0.6% against the dollar to trade at $1.283, while the euro rose 0.4% against sterling to change hands at 90.1p.

That came as the government published a series of notes outlining the possible impact of a ‘no deal’ Brexit.

They include expats losing access to UK bank accounts and pensions, the cost of card payments  between the UK and EU increasing and more customs checks. Pharmaceutical companies were warned to stockpile an extra six weeks of medicine.

‘The pound lost its confidence against both the dollar and the euro,’ said Connor Campbell, financial analyst at Spreadex.

‘Brexit secretary Dominic Raab’s “practical and proportionate” advice in case – as is looking increasingly likely – the UK spirals out of the EU sans deal appears to have spooked sterling.’

Fiona Cincotta, senior market analyst at City Index, said the pound was ‘overcome by Brexit fears, as no deal planning ramps up a gear’

 

Source: Citywire Money

Published by

Crimson Tazvinzwa

TEACHER & MEDIA TRAINER

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