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Pound falls as prime minister sets out Brexit timetable

Sterling fell to a three-year low against the euro yesterday after prime minister Theresa May outlined the timetable for starting Brexit negotiations.

It also hit its lowest level against the dollar since the beginning of July, the BBC reported.

On Sunday, the prime minister said she would trigger article 50 of the Lisbon Treaty, the clause needed to start the UK’s exit from the European Union, by the end of March 2017. The UK is likely to leave the EU by mid-2019.

The pound fell by about 1% against the euro to €1.14 on Monday morning, but it had recovered slightly by late evening. However, it was still down almost 1% against the dollar, hitting a low of $1.28.

 

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