Pound slumps to 168-year low

Sterling slumped to a 168-low last night selling at $1.2117 in late US trading.

According to a trade-weighted index measuring sterling against a basket of its trading peers, the pound has now slumped to its lowest on record, even stretching beyond the introduction of free-floating exchange rates in the 1970s, according to data compiled by the Bank of England reported in the Financial Times.

The pound’s effective exchange rate slipped to lows of 29.27 on Tuesday – weaker than the depths hit during the financial crisis, Britain’s ejection from the European Rate Mechanism in 1992, and its decision to leave the Gold Standard in the 1930s.

Although it regained some poise on Wednesday after positive  prime minister Theresa May said she would to hold a parliamentary debate on the UK’s exit proceedings and made conciliatory noises about fighting for “maximum possible” access to EU markets, it has since fallen back to just 0.6 per cent up on the day against the dollar at $1.2190 at the time of publication.

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4 Responses

  1. Smileyanz

    Traitors in our mist trying to bring our country down because we Democratically decided to leave the EU. The world should b a free place to trade in without rules which goes against the democracy of the people. This is not about panic this is about nasty spiteful corrupt people being paid off by EU political and business criminals trying there dammed hardest to break our great country. THE TIME WILL COME ONCE OUR FREEDOM OF TRADING WITH THE REST OF THE WORLD BEGINS!!

    1. The only traitors in our midst are the likes of you, you who are willing to see our once great nation ridiculed and humiliated on the world stage. And for what? To take back control? We had control, we shared it with 27 other states, it worked rather well for the most part, and, for the other 27 it still does. Meanwhile we nosedive into the shit to keep the likes of you happy. Cheers mate.

  2. Jill Byron

    I absolutely agree. Walk away now and get on with Brexit,then the markets will rise. It is uncertainty that is responsible for the pound’s fall.

  3. Keith Beynin

    It’s not uncertainty. It’s the fact that the rest of the world recognises the Lunacy!!!!

    Britain is or even has become a global joke, take responsibility!!!!!

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