Economic news

Pound dips as market grows more sceptical about Brexit

Sterling hovered at a 10-day weak point on Monday amid broadly stronger dollar and revived concerns over a Brexit deal.

Photo: Reuters

The British currency slumped to a 1-1/2 week trough of $1.2827 as Theresa May’s Brexit plan came under attack from all sides.

The pound's decline versus the euro were limited due to a dollar rally which lifted the U.S. currency versus every other peer, but sterling's slide on Monday has reversed almost two weeks of gains.

The slowdown in Britain’s economy has become more considerable since the 2016 Brexit referendum, but not as much as many analysts had forecast. After the last BoE rate increase in August, Governor Mark Carney said market anticipations of one rate rise a year were a reasonable step for monetary policy.

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