Sterling fell to its weakest in two years against the dollar. Boris Johnson and Jeremy Hunt, rivals to be Britain’s next leader, are vying to take the hardest stance on the UK’s exit from the EU. swahapattanaik writes:
Sterling on July 16 fell to a 27-month low of $1.2406 and hit new six-month lows of 90.42 pence per euro. It was trading at $1.2420 and 90.27 pence per euro at 1240 GMT.
Its latest losses came a day after the two candidates to be Britain’s next prime minister – Boris Johnson and Jeremy Hunt – jockeyed with each other to take a harder Brexit stance. Johnson and Hunt on July 15 set a high bar for success in Brexit negotiations, saying that even a significant concession from the European Union on the Irish border would be insufficient.
That stance means that, to avoid a disorderly Brexit, the next British prime minister will have to persuade the EU to restart talks that other members of the bloc have said cannot be re-opened and to drop one of their most steadfast demands, an insurance policy designed to prevent the return of a hard border between Ireland and the British province, Northern Ireland.
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