Pound slumps to four-month low amid Brexit gridlock at Westminster


Pound slumps to four-month low as business chiefs warn the Brexit gridlock at Westminster is a ‘disaster’

  • The Pound has hit a four-month low against the US dollar amid Brexit impasse 
  • CBI chief warned the political ‘paralysis’ was a ‘disaster’ for the UK’s businesses
  • Labour and the Conservatives have ended talks to find way through the gridlock

The Pound slumped to a four-month low today as business leaders warned the Brexit gridlock at Westminster is a ‘disaster’.

Sterling dived to its lowest level against the US dollar since January at $1.27 as markets reacted to the failure of cross-party talks and impending departure of Theresa May.

The Pound also slipped compared to the Euro, reaching its lowest since February.

The news came after CBI chief Carolyn Fairbairn urged politicians to find a way through the ‘paralysis’ over Brexit.  

Sterling dived to its lowest level against the US dollar since January at $1.27 as markets reacted to the failure of cross-party talks and impending departure of Theresa May

Sterling dived to its lowest level against the US dollar since January at $1.27 as markets reacted to the failure of cross-party talks and impending departure of Theresa May

Speaking to 330 businesses from across the UK at the annual City of London Business and Industry Dinner, Ms Fairbairn said she was making a plea ‘from the heart of British business to the heart of British politics to resolve this gridlock’ because every day without a deal is ‘corrosive’.

She stated: ‘Do whatever it takes, do it fast, find common ground and reach a solution.

‘If the cross-party talks fail, move on to the next stage.

READ  Fund manager falls into Mumbai manhole

‘If that fails, move on to something else.’

There was no sign of a breakthrough in the impasse today, as Jeremy Corbyn formally broke off talks with Theresa May over a Brexit compromise.

The Labour leader said the discussions had ‘gone as far as they can’, complaining about the ‘weakness and instability’ of the government. 

Mrs May was effectively told by senior Tory MPs yesterday that her time is up as party leader.

The 1922 committee announced that a leadership contest will be triggered next month, whether or not the EU Withdrawal Bill clears its first Commons obstacle. 

Speaking to 330 businesses from across the UK at the annual City of London Business and Industry Dinner last night (pictured), Carolyn Fairbairn said she was making a plea 'from the heart of British business to the heart of British politics to resolve this gridlock'

Speaking to 330 businesses from across the UK at the annual City of London Business and Industry Dinner last night (pictured), Carolyn Fairbairn said she was making a plea ‘from the heart of British business to the heart of British politics to resolve this gridlock’

 



READ SOURCE

LEAVE A REPLY

Please enter your comment!
Please enter your name here