Pound slides below $1.20 to three-year low as no-deal Brexit battle begins
Sterling slumped below 1.20 dollar on Tuesday to a three-year low as Prime Minister Boris Johnson’s implicit ultimatum to lawmakers to back him onThe pound, which has now lost 20 per cent of its value since Britain voted to leave the European Union in 2016, fell to as low as 1.1959 dollar, down nearly one per cent on the day.
Lawmakers will vote on Tuesday on the first stage of their plan to block Mr Johnson from pursuing a no-deal Brexit ahead of the October 31 deadline. Banks raised their estimates for the likelihood of a no-deal Brexit. UK domestic-focused stocks such as housebuilders skidded lower as concerns about a hit to the British economy grew.“The next 48 hours are potentially quite significant and sterling shows you that,” said Andrew Milligan, head of global strategy at Aberdeen Standard Investments.
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