BRITAIN: Pound Hits 34-Year Low Over Brexit Fears

The Scotland Herald reports:

The pound has slumped to its lowest level against the US dollar since 1985, surpassing a previous 2017 low to be worth less than 1.20 dollars. The present weakness has been caused by jittery markets as MPs return from summer recess and the chances of a general election rising, causing more Brexit uncertainty and angst.

Rebel Tories and Labour MPs are planning a bill to stop the UK leaving the EU on 31 October without a deal. No 10 has threatened a snap general election on 14 October if MPs succeed in seizing control of Commons business.

Excluding the so called “flash crash” in October 2016, when the pound briefly fell sharply to $1.15 against the dollar before rapidly rebounding, the pound has not traded regularly below $1.20 since 1985.