Fears of a severe rupture between the UK and the EU has driven the pound to its lowest level on record, according to a Bank of England trade-weighted index, and politics is set to dictate whether the currency extends losses or can stabilise.
The pound’s effective exchange rate, which is weighted to reflect the UK’s trade flows, hit a low of 73.38 according to the latest daily reading compiled by the BoE — weaker than the depths hit during the financial crisis, Britain’s ejection from the European Rate Mechanism in 1992, and its departure from the Gold Standard in the 1930s.
Sterling recovered against the dollar yesterday, but came off session highs as the market assessed the promised parliamentary debate on Brexit proposals.
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