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- Pound Drops as May to Set Course for Departure
Pound Drops as May to Set Course for Departure
All eyes
are on Britain again as yesterday Theresa May was forced by her own party to
agree on when her time as prime minister would be up. As a result of this and
doubts that Britain will leave the European Union with a no deal, the Pound had
its longest slide since 2000 yesterday.
May had
already agreed to step down as the country’s leader if her Brexit plan was
accepted but now, after a long meeting with the most powerful members of
Parliament in her Conservative Party, she has been forced to set a timeline for
her exit.
These
factors, together with trade woes, brought the Pound to the lowest that it has
been for three months as the Pound to Euro exchange rate was seen to be at
1.1442. This is a fall from 1.1776 – the highest to which the rate climbed over
the last ten days.
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