The pound is already weaker amid Boris Johnson’s Brexit salvos
Rather than merely inciting companies to invest more in the UK and export to the world, the currency drop also signals the risks of doing so
Boris Johnson has been the UK’s leader for only a week, but he and his “Brexit war cabinet” have achieved one milestone already: the pound has slumped to its lowest level against the US dollar and the euro since 2017.
The cause is Britain’s newfound eagerness to up the ante in its negotiations with the EU, with Johnson refusing to even meet with EU leaders until they scrap the terms of his predecessor Theresa May’s Brexit deal. His “do-or-die” hardball strategy has been gleefully parroted by ministers such as the foreign secretary Dominic Raab, who say leaving without a deal would be an even better way to squeeze a trade deal out of “stubborn” Brussels and prove the naysayers wrong...
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