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| Pound sinks to 28-month low on Brexit fears | Pound sinks to 28-month low on Brexit fears |
| (32 minutes later) | |
| The pound sank to a 28-month low against the dollar as Boris Johnson's government toughened its rhetoric on Brexit. | The pound sank to a 28-month low against the dollar as Boris Johnson's government toughened its rhetoric on Brexit. |
| Sterling dipped 1.1% to $1.2242 and €1.1004 respectively. | Sterling dipped 1.1% to $1.2242 and €1.1004 respectively. |
| The currency could fall further, according to analysts at ING Group, as traders appear to have been betting on a last-minute deal being reached. | |
| Many business lobby groups have asked that no-deal be withdrawn as an option to keep investment flowing into the UK. | Many business lobby groups have asked that no-deal be withdrawn as an option to keep investment flowing into the UK. |
| The pound dropped after "the events over the weekend, where the current stance of the new government became clear", said Petr Krpata, a currency strategist at ING Group. | |
| Michael Gove, who is in charge of planning for no-deal, has said the UK government is currently "working on the assumption" of that very outcome. | |
| He said his team still aimed to come to an agreement with Brussels, but writing in the Sunday Times, he added: "No deal is now a very real prospect." | |
| Mr Krpata says ING Group's assumption is that an early election will take place and that the pound will sink as low as €1.05 and $1.18. | |
| The last low for sterling was $1.2049, reached in January 2017. The record low was $1.0545 from March 1985, just before G7 powers acted to constrain a particularly strong US currency. | The last low for sterling was $1.2049, reached in January 2017. The record low was $1.0545 from March 1985, just before G7 powers acted to constrain a particularly strong US currency. |
| During a visit to Scotland, Mr Johnson said the existing withdrawal agreement negotiated with European leaders was "dead" and had "got to go". | During a visit to Scotland, Mr Johnson said the existing withdrawal agreement negotiated with European leaders was "dead" and had "got to go". |
| EU member nations have said renegotiating the deal is not an option. | EU member nations have said renegotiating the deal is not an option. |