Economic news

UK currency slumps against the dollar, BoE highlights threats from Brexit without deal

The UK pound declined lower than $1.30 today, a minimum of 11 days, on the heels of Mark Carney’s words that the risk of higgledy-piggledy Brexit without an agreement is rather high.

Photo: Reuters

Sterling showed a decrease of 0.3% to $1.2975, which is not far off from the lowest level in 10 months making up $1.2958, though later it regained some of the losses because of a drop in the U.S. currency.

Yesterday the Bank of England hiked interest rates, which in post-crisis period stayed lower, however that couldn’t ensure a big rise for the pound due to a message from the central bank prompting it is not inclined to hurry with policy tightening in the coming months.

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