This article is from the source 'independent' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.independent.co.uk/news/business/analysis-and-features/pound-sterling-fall-consumer-trade-exchange-dollar-a7388971.html
The article has changed 3 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| Pound sterling: What does its fall mean for you? | Pound sterling: What does its fall mean for you? |
| (35 minutes later) | |
| Sterling has taken a mighty pounding since the Brexit referendum on 23 June. | |
| On the night of the referendum the value of the UK’s currency plunged by 11 per cent against the US dollar – its biggest intra-day fall in modern history. | On the night of the referendum the value of the UK’s currency plunged by 11 per cent against the US dollar – its biggest intra-day fall in modern history. |
| And the pound has been on the slide again since the beginning of October in the wake of Theresa May’s pledge to commence the UK’s official EU divorce proceedings by March 2017. | And the pound has been on the slide again since the beginning of October in the wake of Theresa May’s pledge to commence the UK’s official EU divorce proceedings by March 2017. |
| Sterling currently trades at almost 20 per cent below its level on the eve of the referendum. | Sterling currently trades at almost 20 per cent below its level on the eve of the referendum. |
| Some economists and pro-Brexit politicians say sterling was overvalued going into the referendum and that this depreciation is a natural, even welcome, correction. | Some economists and pro-Brexit politicians say sterling was overvalued going into the referendum and that this depreciation is a natural, even welcome, correction. |
| But most economists judge the slump reflects a new pessimism among financial traders about the economic prospects of the British economy due to the Brexit vote. | But most economists judge the slump reflects a new pessimism among financial traders about the economic prospects of the British economy due to the Brexit vote. |
| And many suspect the pound may have even further to fall in the months ahead. | And many suspect the pound may have even further to fall in the months ahead. |