Pound falls to lowest level since October flash crash

Photo by Dan Kitwood/Getty Images.

The pound has hit its lowest level since October’s crash, ahead of Theresa May’s speech tomorrow.

The UK currency fell by 1.6% to $1.1986 against the dollar after it was reported that the Prime Minister will announce plans to exit the EU’s single market to regain control of Britain’s borders and laws.

However, Downing Street has since described the reports as ‘speculation’.

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The flash crash on 7 October saw the pound drop to its lowest post-referendum level – below $1.19 – before recovering.

This latest fall comes as US President-elect Donald Trump said in an interview with The Times that Brexit would turn out to be a “great thing”.

He said other countries would follow Britain out of the European Union but promised to strike a swift bilateral trade deal with the UK.

Has your business been affected by the fall in the pound? Have you faced product price hikes? Get in touch with LI editor Sarah Clarke at sarah.clarke@itppromedia.com to share your story.

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