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ARTICLE · 24 OCTOBER 2016

More Brexit Jitters

Deloitte
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It has been a torrid couple of weeks for the pound. A growing expectation that the UK is heading out, not just of the EU, but of its single market, has led to a further lurch down in the value of the pound.

European UnionFinance and Banking
Ian Stewart
Ian Stewart
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It has been a torrid couple of weeks for the pound. A growing expectation that the UK is heading out, not just of the EU, but of its single market, has led to a further lurch down in the value of the pound. Against a basket of currencies sterling came close to its lowest ever level last week. Last Friday it was trading at $1.22, down 16% from pre-referendum levels.

The renewed slide in the pound started earlier this month with the Prime Minister's speech to the Conservative Party conference. Mrs May seemed to rule out accepting continued free movement of EU nationals in return for access to the EU's customs and duty free Single Market saying, "We will do what independent, sovereign countries do. We will decide for ourselves how we control immigration. And we will be free to pass our own laws."

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