British pound hits 2-year low as UK economy contracts in April

London — Sterling fell to its lowest in two years against a rising dollar on Monday, coming under pressure from data showing Britain’s economy unexpectedly shrunk in April and tensions with the EU over post-Brexit trade with Northern Ireland.

“April’s soft GDP figures may quell the appetite of some members to vote for a more aggressive 50 basis point hike”, Investec chief economist Philip Shaw said in a note commenting on the GDP data. Adding to the pressure on the pound, the British government was due to present legislation to unilaterally scrap some of the rules that govern post-Brexit trade with Northern Ireland, a move which is likely to inflame a simmering argument with the EU.

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