{"id":2408,"date":"2018-09-21T15:02:30","date_gmt":"2018-09-21T15:02:30","guid":{"rendered":"http:\/\/www.styledeals.co.uk\/blog\/pound-falls-after-mays-brexit-statement\/"},"modified":"2018-09-21T15:02:30","modified_gmt":"2018-09-21T15:02:30","slug":"pound-falls-after-mays-brexit-statement","status":"publish","type":"post","link":"https:\/\/www.styledeals.co.uk\/blog\/pound-falls-after-mays-brexit-statement\/","title":{"rendered":"Pound falls after May’s Brexit statement"},"content":{"rendered":"\n
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The pound’s fall against the dollar and the euro has deepened following Theresa May’s assertion after an EU summit that “no deal is better than a bad deal”.<\/p>\n

Sterling was already trading lower after had EU leaders warned the UK must make compromises on trade and the Irish border to secure a Brexit trade deal. <\/p>\n

After the Prime Minister said the UK and EU were at an “impasse” the pound fell further.<\/p>\n

The pound dropped from 1% to 1.5% lower against the dollar to $1.3068.<\/p>\n

The sharp fall put it on track for its biggest daily drop against the dollar so far this year. <\/p>\n

Against the euro, the pound was down 1.1% at \u20ac1.1144 after Mrs May’s statement.<\/p>\n

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“The rhetoric that ‘no deal is better than a bad deal’ is startling, and undermines recent hopes that a deal could be finalised soon,” said Hamish Muress, currency analyst at OFX.<\/p>\n

Business bodies reacted with alarm to the latest development. <\/p>\n

The British Chambers of Commerce (BCC) warned that the possibility of the UK leaving the EU with a trade deal was a big concern for firms. <\/p>\n

“Many firms are hugely worried about a messy and disorderly outcome, and the potential impact on their ability to trade and grow. Others could be caught flat-footed. Both sides must make every effort to avoid this scenario,” said BCC director general Adam Marshall.<\/p>\n