Millions of British people woke-up poorer this morning after the value of the pound plummeted in reaction to the Brexit bill being passed by Parliament.
The bill cleared both houses of Parliament shortly after 11pm last night – giving the Government authority to trigger Article 50 and formally begin the process of exiting the EU.
And here’s what happened just a few hours later…
— Bloomberg Brexit (@Brexit) March 14, 2017
So, this happened to the £ last night after the Lords confirmed the unamended Brexit Bill: pic.twitter.com/wc3r1U15Vx
— J.J. Patrick (@J_amesp) March 14, 2017
— David Goodman (@_DavidGoodman) March 14, 2017
That took the pound to its lowest value against the US dollar in eight weeks – since Theresa May announced plans for a hard Brexit outside the single market.
The pound is also down 0.6% against the euro, at €1.140 – a huge drop since peaking at €1.40 peak in 2015.
But it’s nothing compared to what’s happened to the pound since David Cameron first called the referendum…
Here's the journey the pound has taken since David Cameron said he started EU negotiations. pic.twitter.com/pKDSalpKFc
— Siraj Datoo (@dats) March 14, 2017
Brexiteers have claimed it’s a positive for the UK economy because it means it’s cheaper to export British goods.
And as Britain Stronger In predicted it will mean holidays could cost hundreds of pounds more.
The even worse news is that economists say what happened today is “early warning” of what’s to come on March 28 when Theresa May is expected to formally trigger Article 50.
The Brexit-supporting Daily Express blamed the last crash in the pound on “parliamentarians’ attempts to subvert the democratic process and prevent Government from implementing the settled will of the people.”
Last night’s crash directly followed the Brexit bill being passed unamended by MPs or peers, so what’s the Brexiteers’ excuse today?
“Project fear” is turning into nightmare reality…