What is happening to the pound?
A week is a long time in politics, so – as Theresa May is learning the hard way – is a day. Cabinet resignations, a vote of no confidence and a woeful lack of support for her draft Brexit agreement have left people worried about the future of the UK. That has caused the pound to slip below $1.28 – almost its lowest level in more than three decades. Read on to find out what is happening to the pound.
You have to go back a long way to find the last time the pound would buy you so few US dollars. February 1985 to be exact when the value of the sterling slumped to just $1.05. Then, as now, a female UK prime minister was fighting creeping protectionism from a camera-happy Republican president.
But then (not as now), the main cause of the pound’s weakness against the dollar was the strength of the latter. In…
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