Sterling slumps to lowest point of the year on political interference
The Pound (GBPUSD) plummeted to its lowest level this year on the back of the latest misbehaviour by the UK’s unelected House of Lords in its attempt to nullify the largest democratic mandate in the country’s history. This means that the Brexit Bill will again be returned to the House of Commons for another vote, and which the Government will reject. However, some MP’s (usually ones who receive hefty subsidies from the EU) may eschew Party loyalty in favour of embarrassing the Government. This puts the ruling party on very thin ice indeed, having rejected the Lords amendments once, a failure to do so this time means a collapse of the existing Government and, most likely, the end of Theresa May’s tenure as Prime Minister. It’s small wonder that Sterling is under pressure, and there seems to be no end in sight.