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3
October 2016
The
pound sterling was the worst performer among major currencies on Monday, after
British Prime Minister Theresa May said Britain would kick off the process of
separating from the European Union (EU) by the end of March 2017. The Total Investment & Insurance Solutions
Speaking
at the Tory party's annual conference here, Theresa May ended weeks of
speculation and revealed that she will launch formal Brexit talks with EU
leaders before the end of first quarter of 2017, meaning Britain is set to
leave the EU by summer 2019.
The
pound sterling was the worst performer among major currencies, down 0.3 per to
$1.2938 as of 6.46 a.m in London. This was the currency's lowest performance
since August 16, which has fallen more than 12 per cent against the dollar to
levels last seen in 1985 since the British referendum on Brexit in June, the
Independent.uk reported.
Kathleen
Brooks, Director of research at City Index, said Prime Minister May's speech,
which seems to suggest that she is veering towards a 'hard Brexit', is likely
to come "at the cost" of a period of economic disruption. The Total Investment & Insurance Solutions
This
is "likely to be negative for the pound," Brooks wrote.
But
speaking to delegates on Sunday, Theresa May claimed people who talk about a
"trade-off" between controlling immigration and trading with Europe
are looking at things the "wrong way". The Total Investment & Insurance Solutions
"I
want it [the deal] to give British companies the maximum freedom to trade with
and operate in the Single Market -- and let European businesses do the same
here."
"But
let me be clear. We are not leaving the European Union only to give up control
of immigration again. And we are not leaving only to return to the jurisdiction
of the European Court of Justice," she said. The Total Investment & Insurance Solutions
The
EU is the UK's biggest trading partner.The
Total Investment & Insurance Solutions
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