Pound Plummets as UK Hints at Hard Brexit
It’s damaging their sterling reputation. Terms and a timeline for Britain’s exit from the EU had been unclear, while investors warned that prolonged uncertainty could destabilize the U.K.’s gradual post-referendum economic recovery. But yesterday Prime Minister Theresa May clarified, saying she’ll kick off the two-year divorce negotiation process by the end of March. She also hinted that Britain will leave Europe’s single market, news that sent the pound to its lowest point since mid-August over concerns that London’s powerhouse financial industry could choose to relocate.