Following the resignation of Brexit secretary Dominic Raab and Pensions Secretary Esther McVey, the British Pound has plummeted. There are expectations of further resignations in what is being called a “rebellion” against the Brexit deal struck by the E.U and U.K.
In his resignation letter Raab said,
I cannot support an indefinite backstop agreement, where the EU holds a veto over our ability to exit, the terms of the backstop amount to a hybrid of the EU Customs Union and Single Market obligations. No democratic nation has ever signed up to be bound by such an extensive regime.”
Sterling is at its lowest in more than 17 months following resignation of Raab and McVery. Sterling dropped as much as 1.9 percent, the biggest fall since June 2017, to $1.2780. It weakened 1.3 percent to 88.26 pence per euro.
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