06 Aug Pound hits record low
Sterling fell 0.3 per cent to $1.2954 today — its lowest since 5 September last year — following comments from trade secretary Liam Fox, who put the odds of Britain leaving the EU without a deal at 60-40.
In an interview with the Sunday Times over the weekend, Fox had said: “I think the intransigence of the commission is pushing us towards no deal.”
“We have set out the basis in which a deal can happen but if the EU decides that the theological obsession of the unelected is to take priority over the economic wellbeing of the people of Europe then it’s a bureaucrats’ Brexit — not a people’s Brexit — (and) then there is only going to be one outcome.”
With less than eight months until Britain quits the EU, the government has yet to agree on a divorce deal with Brussels.
Just last week, the Bank of England governor Mark Carney had also said the risk of the UK leaving without a deal was “uncomfortably high”.
Source: London Loves Business Monday 6th August 2018