Mexican Media Brands
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.
#labor #economics
Share
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.
RELATED CONTENT
-
What Suppliers Need to Know Right Now
This is a time of reckoning for the auto industry, says Paul Eichenberg. He has some recommendations as to how companies can make their way through it.
-
What to Do In an R&D Overcapacity Situation
Opel is making a big change in staffing in Rüsselsheim
-
UPDATE: UAW, GM Reach Tentative Labor Deal
General Motors Co. and the United Auto Workers union have reached a possible deal on a new four-year labor contract covering some 48,000 of the union’s hourly workers in the U.S.