Prime Minister Boris Johnson promised on Tuesday to lead Britain out of the Euro...
LONDON/DUBLIN - Prime Minister Boris Johnson promised on Tuesday to lead Britain out of the European Union on Oct. 31 “no matter what” as sterling tumbled and Ireland warned that the bloc would not be renegotiating the thrice defeated divorce deal.
Sterling crashed through trading barriers, falling to an intraday low of $1.2120 in shallower overnight Asian trade, the lowest since March 2017. The pound has lost 3.6 cents since Johnson was named Britain’s new prime minister a week ago. “The prime minister made clear that the government will approach any negotiations which take place with determination and energy and in a spirit of friendship, and that his clear preference is to leave the EU with a deal, but it must be one that abolishes the backstop,” Downing Street said.
“The Taoiseach explained that the EU was united in its view that the Withdrawal Agreement could not be reopened,” the Irish government said. Since the 2016 vote, sterling has now lost 28 cents. It was trading at $1.2177 at 1230 GMT. It also fell sharply against the euro and the Japanese yen. Irish government bond yield spreads over Germany hit their widest levels in over a month on Tuesday, as worries grow over the potential impact of a no-deal Brexit on Ireland.Many investors say a no-deal Brexit would send shock waves through the world economy, tip Britain’s economy into a recession, roil financial markets and weaken London’s position as the pre-eminent international financial centre.
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