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| Pound at three-year dollar low amid Brexit turmoil | |
| (32 minutes later) | |
| The pound has fallen to a three-year low against the dollar as MPs opposed to Prime Minister Boris Johnson prepare their bid to delay Brexit. | |
| Against the dollar, it fell below $1.20 to its lowest since October 2016. In euro terms, it is worth under €1.10. | |
| Rebel Tories and Labour MPs are planning a bill to stop the UK leaving the EU on 31 October without a deal. | Rebel Tories and Labour MPs are planning a bill to stop the UK leaving the EU on 31 October without a deal. |
| No 10 has threatened a snap general election on 14 October if MPs succeed in seizing control of Commons business. | No 10 has threatened a snap general election on 14 October if MPs succeed in seizing control of Commons business. |
| The bill would force the prime minister to ask for Brexit to be delayed until 31 January, unless MPs had approved a new deal, or voted in favour of a no-deal exit, by 19 October. | The bill would force the prime minister to ask for Brexit to be delayed until 31 January, unless MPs had approved a new deal, or voted in favour of a no-deal exit, by 19 October. |
| Pound v Dollar | Pound v Dollar |
| Under Mr Johnson, the government has toughened its stance on a no-deal Brexit, which it has said is "now a very real prospect". | Under Mr Johnson, the government has toughened its stance on a no-deal Brexit, which it has said is "now a very real prospect". |
| The pound was trading at about $1.50 against the dollar before the EU referendum in June 2016. | The pound was trading at about $1.50 against the dollar before the EU referendum in June 2016. |
| Jane Foley, senior currency strategist at Rabobank, told the BBC's Today programme that while anything that made a no-deal Brexit less likely would boost sterling, an election would have the opposite effect. | Jane Foley, senior currency strategist at Rabobank, told the BBC's Today programme that while anything that made a no-deal Brexit less likely would boost sterling, an election would have the opposite effect. |
| "Currencies, as a rule, do not like uncertainty. The idea is that there could of course be a no-deal Brexit, which investors do not like. They do not like the idea of the uncertainty or the potential chaos that that could bring," she said. | "Currencies, as a rule, do not like uncertainty. The idea is that there could of course be a no-deal Brexit, which investors do not like. They do not like the idea of the uncertainty or the potential chaos that that could bring," she said. |
| Pound v Euro | Pound v Euro |
| "If the members of Parliament do manage to block a no-deal Brexit at the end of next month, then that is likely to push sterling up," Ms Foley added. | "If the members of Parliament do manage to block a no-deal Brexit at the end of next month, then that is likely to push sterling up," Ms Foley added. |
| "That said, political uncertainty and a general election will likely push sterling down. | "That said, political uncertainty and a general election will likely push sterling down. |
| "Sterling will remain a very vulnerable currency." | "Sterling will remain a very vulnerable currency." |