Pound falls on May’s Brexit comments

Prime Minister Theresa May

The value of the British pound fell on Monday to a two-month low against major currencies after Prime Minister Theresa May signalled the UK would pursue a so-called “hard Brexit” from the European Union (EU)….reports Asian Lite News

Prime Minister Theresa May
Prime Minister Theresa May

The Prime Minister told Sky News that she wanted the best possible deal for leaving the EU.

“We’re leaving. We’re coming out. We’re not going to be a member of the EU any longer,” she said.

The pound was down 1.06 per cent against the US dollar at $1.2155, while against the euro, it was 0.89 per cent lower at 1.1561 euros, the BBC reported.

The pound fell sharply in the immediate aftermath of the UK’s June 23, 2016, referendum vote to leave the EU.

On Monday, a spokeswoman for 10 Downing Street said the Prime Minister had not ruled anything out or in, Efe news reported.

“She’s said she wants the best possible deal for trading with and operating within the single market,” the spokeswoman said.

Though UK economic data have surprised on the upside, many analysts believe the pound will continue to head lower.