The Independent reports:
The pound fell again on Friday after shock figures revealed UK economy shrunk for the first time since 2012 as the country lurches closer to recession and a calamitous no-deal Brexit.
Sterling was down 0.3 per cent against both the dollar and the euro on the back of news that GDP unexpectedly contracted 0.2 per cent in the April-June quarter.
The weak pound would normally be expected to boost exports but Britain’s manufacturers but output from the sector plunged, official data shows.
“Pound parity” is when it reaches $1.
— Bloomberg (@business) August 9, 2019
Options-based calculations show a 5.6% chance of pound-dollar parity in the next one year, markedly higher than 0.2% in early March @business https://t.co/0BQpVNTn9i Sterling moment is precisely like it was in 1992, a no brainer.https://t.co/mOIpkBV9je pic.twitter.com/FBHtS0MI5i
— Aly-Khan Satchu (@alykhansatchu) August 9, 2019
The British economy fell by 0.2 percent in the second quarter, surprising analysts amid Brexit worries. https://t.co/ib7irmAhFo
— NYT Business (@nytimesbusiness) August 9, 2019