British Pound Down after Possible Postponement Brexit Vote
The British pound declined Monday to one of the lowest levels in months after the news that British Prime Minister Theresa May may postpone the Brexit vote in the British House of Commons.
Around 1.30 pm the pound was worth 1.107 euros, a decrease of almost 2 per cent compared to Friday afternoon. This is the lowest level since the end of August.
Against the dollar, the pound dropped to the lowest level since the beginning of 2017. At the lowest point, the pound was paid for $ 1.2656. Meanwhile, the British equity index is up 0.6 per cent.
Several British media reports from sources that May postpones the vote. A large majority of parliamentarians would probably also vote against the plans on Tuesday. The question now is what the British government will do. May has always made it clear that the British departure will continue.
Beginning today, the Court of Justice of the European Union ruled that the British can reverse the Brexit unilaterally. The 27 other EU member states do not have to approve such a step first.