Pound hits skids as May’s Brexit fails again

Pound hits skids as May’s Brexit fails again

Prime Minister Theresa May speaks in the House of Commons during the Brexit debate (Commons/PA)
Prime Minister Theresa May speaks in the House of Commons during the Brexit debate (Commons/PA)

The pound fell almost half a percent on Friday after Prime Minister Theresa May’s third attempt to win support for her Brexit deal fell through in the House of Commons.

The British currency fell to 86.36 pence to the euro and to $1.2996 after the vote and as the European Union warned that a “no deal” exit was now the most likely option.

“The rejection of May’s Brexit deal by 58 votes means with two weeks and eight hours to go until the UK is due to leave the EU there is still no clear path for Brexit itself, the economy and the financial markets,” said Paul Dales, Chief UK Economist at Capital Economics.

Aside from a no deal, Prime Minister May could seek an extension of the process.

Irish shares shrugged off the political turmoil in London and CRH rose almost 3pc while the ISEQ All-Share Index gained 1.1 percent.

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Online Editors

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