British pound falls amid Brexit fears
5 years, 10 months ago

British pound falls amid Brexit fears

CNN  

London CNN Business — The British pound trimmed some of the losses it suffered during volatile trading on Tuesday after UK lawmakers voted down the latest version of Prime Minister Theresa May’s deal on Brexit. Speaking to lawmakers just minutes after the vote, May said the default scenario is leaving the European Union without a deal on March 29. May returned from negotiations with EU officials Monday with assurances that could help Britain avoid becoming stuck in a permanent customs union with the European Union, an outcome many Brexit supporters will not accept. “However, it would not completely eliminate the hard Brexit risk.” Most analysts think the United Kingdom will avoid crashing out of the European Union.

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History of this topic

How Brexit became prime suspect in the death of the stock market
1 year ago

How Brexit became prime suspect in the death of the stock market

The Telegraph  

“We are using legal and regulatory reform, going alongside the shift in cultural mindset and market practice, to make sure that we increase investment in British business, we increase wealth for ordinary retail investors and we increase the size of the economy.” The reforms have been welcomed by the industry, who say it is a step in the right direction. …

Pound rebounds to levels seen before mini-budget chaos as Chancellor U-turns
2 years, 3 months ago

Pound rebounds to levels seen before mini-budget chaos as Chancellor U-turns

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The pound has bounced back …

The British pound has taken a tumble. What’s the impact?
2 years, 3 months ago

The British pound has taken a tumble. What’s the impact?

Associated Press  

LONDON — The pound is taking a pounding. “There’s every chance that a falling pound will make life more expensive,” said Sarah Coles, senior personal finance analyst at financial services firm Hargreaves Lansdown. “For anyone whose budget was already stretched to breaking point, this will mean even more pain at the tills.” Finance minister Kwasi Kwarteng hopes that big tax …

British pound plummets to record low against the dollar
2 years, 3 months ago

British pound plummets to record low against the dollar

CNN  

CNN Business — The British pound crashed to a record low against the US dollar on Monday on growing fears about the stability of UK government finances. The currency slump follows British Chancellor of the Exchequer Kwasi Kwarteng’s announcement on Friday that the United Kingdom would implement the biggest tax cuts in 50 years at the same time as boosting …

British pound plummets to record low against the dollar
2 years, 3 months ago

British pound plummets to record low against the dollar

CNN  

CNN Business — The British pound crashed to a record low against the US dollar on Monday on growing fears about the stability of UK government finances. The currency slump follows British Chancellor of the Exchequer Kwasi Kwarteng’s announcement on Friday that the United Kingdom would implement the biggest tax cuts in 50 years at the same time as boosting …

British pound hits a 37-year low as UK economy skids
2 years, 3 months ago

British pound hits a 37-year low as UK economy skids

CNN  

London CNN Business — The British pound slumped to a 37-year low on Friday after new data showed that shoppers are pulling back spending as inflation squeezes household budgets, underscoring fears that the economy may already be shrinking. The currency fell below $1.14, its lowest since 1985, after the Office for National Statistics said that retail sales in August dropped …

The British pound hasn’t been this weak since Margaret Thatcher was prime minister
2 years, 4 months ago

The British pound hasn’t been this weak since Margaret Thatcher was prime minister

CNN  

New York CNN Business — The British pound fell to a 37-year low against the US dollar Wednesday as the United Kingdom grapples with a series of overlapping economic problems with no easy solutions. Meanwhile, Liz Truss is on her first full day in the job as the United Kingdom’s fourth prime minister since the Brexit vote in 2016, and …

Andrew Bailey warns of massive downturn as pound suffers biggest fall in two years
2 years, 8 months ago

Andrew Bailey warns of massive downturn as pound suffers biggest fall in two years

The Telegraph  

The pound suffered its steepest fall since the onset of the Covid crisis on Thursday as traders panicked after the Bank of England warned over a recession. Sterling fell as much as 2.2pc against the dollar to a near-two year low of $1.23 as analysts warned that a “toxic mix” of high inflation and stalling growth threatens to push the …

Brexit: Pound heading for a crash if Britain fails to get a trade deal
4 years, 1 month ago

Brexit: Pound heading for a crash if Britain fails to get a trade deal

CNN  

London CNN Business — The British pound could plunge by 10% or more if the United Kingdom does not finalize a trade deal with the European Union this weekend. Currency traders who once assumed a deal would be completed before a Brexit transition period ends on January 1 will be nervously watching events over the next 72 hours after British …

Pound falls as optimism fades in last-ditch Brexit negotiations
4 years, 1 month ago

Pound falls as optimism fades in last-ditch Brexit negotiations

Live Mint  

The pound declined as investors questioned how close Britain and the European Union really are to sealing a trade agreement. Monday Blues Traders had speculated on a weekend deal, but pessimism is solidifying, with the relative cost of hedging a weaker sterling over the coming month staging its longest advance in 17 years. “The risk now is that optimism turns …

Brexit: No deal with EU worse for UK economy than Covid-19, says Bank of England governor
4 years, 1 month ago

Brexit: No deal with EU worse for UK economy than Covid-19, says Bank of England governor

CNN  

London CNN Business — Bank of England Governor Andrew Bailey has warned that failing to secure a new trade deal with the European Union would do more damage to the UK economy over the long run than the coronavirus pandemic. “I think the long-term effects … would be larger than the long-term effects of Covid,” Bailey said Monday in response …

The pound has been riding high. A UK election surprise could send it crashing
5 years, 1 month ago

The pound has been riding high. A UK election surprise could send it crashing

CNN  

London CNN Business — Investors are betting that Prime Minister Boris Johnson will sweep to victory in Thursday’s election. But recent polling suggests there’s still the chance of a hung parliament, which would open the door to Labour forming a minority government with the support of a smaller party. “The biggest surprise would be a Labour-led coalition, which would not …

British PM Boris Johnson’s ’final’ Brexit deal stirs sterling rebound
5 years, 3 months ago

British PM Boris Johnson’s ’final’ Brexit deal stirs sterling rebound

Live Mint  

London: Sterling rebounded from earlier lows on Wednesday as hedge funds covered some of their short bets against the currency after Prime Minister Boris Johnson made a final Brexit offer to the European Union. Though the final offer met with a relatively cool reception from EU officials, President Jean-Claude Juncker said Britain's proposal included some "positive advances" but there were …

Pound tumbles against dollar and euro as Ireland roundly rejects Boris Johnson's Brexit plan
5 years, 3 months ago

Pound tumbles against dollar and euro as Ireland roundly rejects Boris Johnson's Brexit plan

The Independent  

Sign up to our free Brexit and beyond email for the latest headlines on what Brexit is meaning for the UK Sign up to our Brexit email for the latest insight Sign up to our Brexit email for the latest insight SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy …

UK currency volatile as investors try to gauge Brexit risks
5 years, 4 months ago

UK currency volatile as investors try to gauge Brexit risks

Associated Press  

LONDON — The pound on Tuesday touched its lowest level against the dollar since 1985, excluding a brief “flash crash” in 2016 that may have been caused by technical glitches, as international investors fret over a political showdown over Brexit this week. Brexit is facing a crucial few days as lawmakers challenge Prime Minister Boris Johnson’s insistence that the U.K. …

Pound sterling goes on a wild ride amid Brexit turmoil
5 years, 4 months ago

Pound sterling goes on a wild ride amid Brexit turmoil

CNN  

London CNN Business — The pound was whipsawed by political turmoilon Tuesday as UK Prime Minister Boris Johnson sufferedaparliamentary revoltaimed at preventing Britain from leaving the European Union without a deal to protect the economy. Lawmakers succeeded Tuesday night in taking control of the parliamentary agenda so they can attempt to pass legislation outlawing a “no deal” Brexit, unless it …

UK economy shrinks for first time since 2012 as Brexit bites
5 years, 5 months ago

UK economy shrinks for first time since 2012 as Brexit bites

Associated Press  

LONDON — The British economy unexpectedly shrank in the second quarter for the first time since 2012 as Brexit uncertainties heaped pressure on firms, official figures showed Friday. In seeking to explain the fall in the April-June period, the Office for National Statistics noted there was “increased volatility around the U.K.'s original planned exit date from the European Union in …

UK economy shrinks for first time since 2012. Brexit could tip it into recession
5 years, 5 months ago

UK economy shrinks for first time since 2012. Brexit could tip it into recession

CNN  

London CNN Business — The UK economy is shrinking for the first time in nearly seven years. “The often-dominant service sector delivered virtually no growth at all,” said Rob Kent Smith, head of national accounts at the Office for National Statistics. “Contraction in the second quarter is a rude awakening,” said Tej Parikh, chief economist at the Institute of Directors, …

Pound hits fresh two-year low as Brexit fears spook investors
5 years, 5 months ago

Pound hits fresh two-year low as Brexit fears spook investors

CNN  

London CNN Business — The pound has slumped to its weakest level in more than two years. Prime Minister Boris Johnson has used his first days in office to double down on his threat to leave the European Union on October 31 “no matter what.” Now, fears that Britain will leave the European Union without an agreement in place to …

Boris Johnson’s Brexit plan drives pound lower
5 years, 5 months ago

Boris Johnson’s Brexit plan drives pound lower

CNN  

London CNN Business — Britain is moving closer to the nightmare Brexit scenario businesses have long feared. A major lobby group warned that a disorderly Brexit would disrupt almost every part of the UK economy, and French carmaker PSA said new trade barriers could doom its factory near Liverpool. Michael Gove, the government minister Johnson has put in charge of …

Could the pound crash to one dollar? A Boris Johnson Brexit might make it happen
5 years, 5 months ago

Could the pound crash to one dollar? A Boris Johnson Brexit might make it happen

CNN  

London CNN Business — Could the value of the pound drop to just one US dollar? Johnson has said the United Kingdom must leave the European Union by October 31 with or without an agreement to protect trade with the country’s biggest export market. “It’s going to be a long and painful grind all the way to October 31.” Analysts …

ALEX BRUMMER: Britain takes a pounding
5 years, 5 months ago

ALEX BRUMMER: Britain takes a pounding

Daily Mail  

The dilemma for Bank of England interest rate-setters as they head towards the August meeting and release of the Inflation Report gets tougher by the day. The sharp fall in sterling, as Britain's two prospective prime ministers harden their negotiating positions on Brexit, risks a disorderly few months ahead with the pound moving towards parity against the euro and the …

Branson: Pound could be just a dollar in ‘no-deal’ Brexit
5 years, 6 months ago

Branson: Pound could be just a dollar in ‘no-deal’ Brexit

Associated Press  

LONDON — Virgin Group founder Richard Branson has warned that the pound’s value would fall to that of the dollar if Britain leaves the European Union without a deal — a stark prediction that will fuel worries about the economic pressures facing the country. Traders see the possibility of a ‘no-deal’ Brexit increasing because Boris Johnson, the front-runner in the …

The pound has already been trashed by Brexit. May’s exit offers little relief
5 years, 7 months ago

The pound has already been trashed by Brexit. May’s exit offers little relief

CNN  

London CNN Business — British Prime Minister Theresa May’s resignation is unlikely to end a tough run for the pound, which has fallen steadily this month as the risk of a damaging no-deal Brexit rises. The pound edged higher to almost $1.27 on Friday following May’s announcement that she’ll step down in June after failing in her bid to secure …

UK economy to slow near-term as Brexit preparations halted
5 years, 8 months ago

UK economy to slow near-term as Brexit preparations halted

Associated Press  

LONDON — The British economy will weaken in the near-term as firms ease up on Brexit preparations now that the country’s departure from the European Union has been delayed by months, the Bank of England said Thursday. “Concerned about disruptions to trade given the potential March 29 cliff edge, companies on both sides of the Channel brought forward production, pushing …

Brexit may end up being a waste of everyone’s time
5 years, 9 months ago

Brexit may end up being a waste of everyone’s time

CNN  

London CNN — The UK Parliament will vote Friday on Theresa May’s Brexit deal for a third and possibly final time, the British government confirmed. If May’s deal fails again, then according to the conclusions of the EU Council Summit last week in Brussels, the UK will find itself at a crossroads. And with May’s deal dead, this leaves the …

UK wake-up call: Need for a rethink on Brexit
5 years, 11 months ago

UK wake-up call: Need for a rethink on Brexit

Deccan Chronicle  

It was apposite that the pound sterling’s value rose as Britain’s Prime Minister Theresa May suffered what Leader of the Opposition Jeremy Corbyn gloated was a “catastrophic defeat”. It’s the sort of thing that Ms May and Donald Trump still harp on about, seeing today’s Russian Federation as a reincarnation of the “evil empire” that they believed the Soviet Union …

Brexit falls through, Theresa May awaits no-confidence vote: Investors advised not to take directional views on sterling, gilts or UK stocks
5 years, 11 months ago

Brexit falls through, Theresa May awaits no-confidence vote: Investors advised not to take directional views on sterling, gilts or UK stocks

Firstpost  

European Union leaders said they would step up preparations for a no-deal Brexit and business groups reacted with alarm after British lawmakers defeated Prime Minister Theresa May’s Brexit divorce deal by a crushing margin on Tuesday. London: European Union leaders said they would step up preparations for a no-deal Brexit and business groups reacted with alarm after British lawmakers defeated …

UK parliament rejects Brexit deal, creating mounting uncertainty ahead
5 years, 11 months ago

UK parliament rejects Brexit deal, creating mounting uncertainty ahead

The Quint  

London, Jan 16 The UK parliament on Tuesday rejected overwhelmingly the Brexit deal, further complicating the country's historic exit from the European Union. Members of Parliament voted 432 to 202 against the deal reached between the British government and the EU after a five-day debate, creating the loss that is said to be the biggest defeat for a British government …

UK leader in frantic final push to win Brexit deal backing
6 years ago

UK leader in frantic final push to win Brexit deal backing

Associated Press  

LONDON — British Prime Minister Theresa May made a frantic last push Monday to swing lawmakers’ support behind her seemingly doomed Brexit deal, warning that its defeat risked scuttling the U.K.'s departure from the European Union and “betraying the vote of the British people.” May claimed to have gotten reassurances with “legal force” on key issues from the EU, and …

UK risks Brexit paralysis and possibly no Brexit at all: Foreign minister
6 years ago

UK risks Brexit paralysis and possibly no Brexit at all: Foreign minister

Live Mint  

London: British lawmakers, who look set to reject Prime Minister Theresa May’s Brexit deal next week, are risking paralysis and Britain potentially not leaving the EU, Britain’s foreign minister warned on Friday. Britain, the world’s fifth largest economy, is due to leave the globe’s biggest trading bloc in under 80 days but parliament looks likely to reject May’s negotiated agreement …

Sterling wipes out day’s gains amid reports PM is facing no-confidence vote
6 years, 1 month ago

Sterling wipes out day’s gains amid reports PM is facing no-confidence vote

The Independent  

Sign up to our free Brexit and beyond email for the latest headlines on what Brexit is meaning for the UK Sign up to our Brexit email for the latest insight Sign up to our Brexit email for the latest insight SIGN UP I would like to be emailed about offers, events and updates from The Independent. Sterling plummeted on …

Brexit: Desperate May to meet with Merkel, but EU leaders warn no renegotiation of deal
6 years, 1 month ago

Brexit: Desperate May to meet with Merkel, but EU leaders warn no renegotiation of deal

CNN  

CNN — British Prime Minister Theresa May will begin frantic meetings with European Union leaders Tuesday as she attempts to find a way to renegotiate her Brexit deal in the face of overwhelming opposition among UK lawmakers. Dutch Prime Minister Mark Rutte welcomes Theresa May for a work breakfast in The Hague, on December 11, 2018 BART MAAT/AFP/AFP/Getty Images The …

Brexit: Pound drops as Theresa May delays Commons vote on EU deal
6 years, 1 month ago

Brexit: Pound drops as Theresa May delays Commons vote on EU deal

The Independent  

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Brexit: David Davis says pound crashing after no-deal departure would be 'not a bad thing'
6 years, 1 month ago

Brexit: David Davis says pound crashing after no-deal departure would be 'not a bad thing'

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy David Davis says the pound crashing after a no-deal Brexit would …

The impact of Brexit on the UK economy
6 years, 1 month ago

The impact of Brexit on the UK economy

CNN  

London CNN Business — It’s official: The British government’s plan for leaving the European Union will be bad for the economy. The Bank of England said that May’s plan could result in new trade barriers that would cause the UK economy to be 0.75% smaller than currently forecast in 2023. Analysis commissioned by a group campaigning for a second referendum …

Pound: Sterling falls sharply as risk of chaotic Brexit rises
6 years, 2 months ago

Pound: Sterling falls sharply as risk of chaotic Brexit rises

CNN  

London CNN Business — The British pound dropped sharply on Thursday after two key UK government ministers resigned, plunging the Brexit process into deep uncertainty and hiking the risk of a chaotic rupture with the European Union. Brexit Secretary Dominic Raab said in a statement on Thursday that he “cannot in good conscience support the terms proposed for our deal” …

Brexit will weaken Europe, isolate Britain and fuel global tensions: Ian Bremmer
6 years, 3 months ago

Brexit will weaken Europe, isolate Britain and fuel global tensions: Ian Bremmer

CNN  

Editor’s Note: Ian Bremmer is president of Eurasia Group and GZERO Media. If there’s one person who understands leverage, it’s US President Donald Trump, who will have a lot more negotiating leverage with the UK when it comes time to negotiate a one-on-one trade deal. China has said it’s open to begin detailed negotiations over a trade deal with the …

UK envoy urges EU to step back from the Brexit ‘abyss’
6 years, 3 months ago

UK envoy urges EU to step back from the Brexit ‘abyss’

Associated Press  

LONDON — Britain’s foreign secretary on Saturday urged European Union leaders to “step back from the abyss” and seek a compromise over stalled Brexit negotiations. Jeremy Hunt told the BBC that the EU should work with Britain to try to find a way to make British Prime Minister Theresa May’s “sensible, concrete proposals actually work” in the divorce between Britain …

The Latest: EU’s Tusk says Brexit compromise still possible
6 years, 3 months ago

The Latest: EU’s Tusk says Brexit compromise still possible

Associated Press  

LONDON — The Latest on Brexit, the political divorce between Britain and the rest of the European Union : 6:30 p.m. EU Council President Donald Tusk says he remains convinced that a Brexit compromise that is “good for all, is still possible.” His comments come a day after a clear lack of progress at an EU leaders summit in the …

Pound sterling slumps on new Government warnings of no-deal Brexit
6 years, 5 months ago

Pound sterling slumps on new Government warnings of no-deal Brexit

The Independent  

Sign up to our free Brexit and beyond email for the latest headlines on what Brexit is meaning for the UK Sign up to our Brexit email for the latest insight Sign up to our Brexit email for the latest insight SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy …

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