The Pound has fallen even further this morning – now to its lowest against the Dollar in two months – thanks to Theresa May’s comments yesterday on Brexit.
The above chart is just for this morning.
The Prime Minister implied to Sky News yesterday that it was likely Britain would leave the Single Market.
It is an admission the Tories have resisted making openly for months, given the adverse impact it is likely to have on British companies.
Often people talk in terms as if somehow we are leaving the EU but we still want to kind of keep bits of membership of the EU. We are leaving. We are coming out. We are not going to be a member of the EU any longer.
We will be able to have control of our borders, control of our laws.
Leaving the Single Market would make it harder for companies to recruit the best talent.
It would also make it more expensive for British companies to sell their goods and services to other EU countries.
The Pound became one of the world’s worst performing currencies last year, and is expected to drop further once Article 50 is triggered.
In other words, the markets don’t expect Brexit to help the UK economy