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| Sterling hits new 31-year low against the dollar | Sterling hits new 31-year low against the dollar |
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| Sterling has fallen to a new 31-year low against the dollar in early trading on Tuesday. | Sterling has fallen to a new 31-year low against the dollar in early trading on Tuesday. |
| The currency has been under pressure as investors concern about UK's Brexit-vote welled up following Prime Minister Theresa May's announcement that the UK would kick of the process of separating from the EU in March 2017. | |
| Sterling has fallen to $1.27.80 in early trading. | |
| That is its lowest level since June 1985, and almost 15 per cent weaker than before the EU referendum on June 23. | |
| The currency held ground against the euro to be flat at €1.1464. | The currency held ground against the euro to be flat at €1.1464. |
| Despite the drop, the FTSE 100 share index has risen above 7,000 for the first time since May 2015. | |
| Speaking at the Conservative Party's annual conference in Birmingham on Sunday, Theresa May has ended weeks of speculation and revealed that she will launch formal Brexit talks with EU leaders before the end of March 2017. The timing means the UK looks set to leave the EU by summer 2019. | Speaking at the Conservative Party's annual conference in Birmingham on Sunday, Theresa May has ended weeks of speculation and revealed that she will launch formal Brexit talks with EU leaders before the end of March 2017. The timing means the UK looks set to leave the EU by summer 2019. |
| Kathleen Brooks, a currency expert at City Index said: "The Tory party conference is turning into a sell for the pound, as FX traders get spooked by May’s apparent sanguine attitude to leaving the single market, preferring to focus on immigration and UK sovereignty rather than the economic fallout of Brexit. | Kathleen Brooks, a currency expert at City Index said: "The Tory party conference is turning into a sell for the pound, as FX traders get spooked by May’s apparent sanguine attitude to leaving the single market, preferring to focus on immigration and UK sovereignty rather than the economic fallout of Brexit. |
| "Phillip Hammond, the UK’s new Chancellor, didn’t help the pound either when he suggested that George Osborne’s fiscal rules will be abandoned and government spending increased. This is designed to cushion some of the blow from the UK’s departure from the European Union. However, it is likely to weigh on the UK’s already large budget deficit, which is another blow to the pound at the start of the new quarter." | "Phillip Hammond, the UK’s new Chancellor, didn’t help the pound either when he suggested that George Osborne’s fiscal rules will be abandoned and government spending increased. This is designed to cushion some of the blow from the UK’s departure from the European Union. However, it is likely to weigh on the UK’s already large budget deficit, which is another blow to the pound at the start of the new quarter." |
| Experts have warned that London’s position as a financial hub will be dealt a severe blow if the UK left the single market. However, that access is contingent on countries agreeing to let European Union citizens live and work anywhere in the bloc. | |
| But speaking to delegates on Sunday, Theresa May claimed people who talk about a “trade-off” between controlling immigration and trading with Europe are looking at things the “wrong way”. Her strong stance towards the City adding to investors concerns about a so-called hard Brexit. | |
| “I want it [the deal] to give British companies the maximum freedom to trade with and operate in the Single Market – and let European businesses do the same here. | |
| Conner Campbell of SpreadEx the prospect of a "hard Brexit" is hurting the pound: "It seems that it is going to be hard to provide a tourniquet for sterling’s recent wounds given the solidity of the newly announced Brexit timeline (with March set to go down in the history books as when Article 50 was triggered), and the firmness with which May stated her intention to chase border control even if it means relinquishing Britain’s position in the single market." |