Sterling tumbled to a 28-month low on Monday as Prime Minister Boris Johnson sai...
FASLANE, Scotland - Sterling tumbled to a 28-month low on Monday as Prime Minister Boris Johnson said the Brexit divorce was dead and warned that unless the European Union renegotiated, Britain would leave on Oct. 31 without a deal.
The pound, which was trading at $1.50 on the day of the 2016 referendum, dropped more than 1 1/2 cents to $1.2213on no-deal fears, the lowest level since March 2017. Sterling has fallen more than 2 1/2 cents since Johnson was named leader. Johnson also said that the Irish border backstop - designed to prevent the return of a hard border between Ireland and the United Kingdom’s province of Northern Ireland - was “no good, it’s dead, it’s got to go”.
If Johnson goes for a no-deal Brexit, some British lawmakers will attempt to stop him, possibly collapsing his government. If they try to thwart Brexit, an election becomes much more likely.Foreign Secretary Dominic Raab said London was “turbo-charging” no deal preparations and cast the bloc as “stubborn” but denied he was threatening a bloc whose $15.9 trillion economy is nearly six times that of the United Kingdom’s.
The question of the unification of Ireland and British-ruled Northern Ireland will inevitably arise if Britain leaves the European Union without a divorce deal on Oct. 31, Irish Prime Minister Leo Varadkar said. “She is right to think that we should be going for a deal, not no deal,” Johnson said. “If our partners won’t move, won’t take out the backstop, won’t even begin to change that Withdrawal Agreement, they won’t compromise at all then of course we have got to get ready for no deal.”
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