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British Pound Slides on Brexit Worries
The U.K.’s pound sterling has sagged to a nine-month low as worries grow that Britain will exit the European Union next spring without negotiating a new trade deal with the bloc.
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The U.K.’s pound sterling has sagged to a nine-month low as worries grow that Britain will exit the European Union next spring without negotiating a new trade deal with the bloc.
The pound fell below $1.29 on pessimistic forecasts. Over the past weekend, the Bank of England said the likelihood of no replacement trade pact is “uncomfortably high.” Britain’s trade secretary put the odds of an agreement by Brexit’s April deadline at no more than 60%.
The gloomy outlook prompted some analysts to predict that the BoE will reverse recent increases in its prime lending rate if no trade pact emerges. The central bank raised its rate for the first time in a decade last November to 0.5% from 0.25%, then raised it again to 0.75% earlier this month.
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