The pound dipped to a two-year low against the dollar after Boris Johnson announced the government was “turbo-charging” all plans in anticipation for a no-deal Brexit on 31 October.
Sterling dipped to as low of $1.2318 today (29th July 2019) after falling 0.4 per cent against the US dollar. The pound sterling was also down 0.4 per cent against the euro at €1.109.
Also today, Boris Johnson unveiled a special “Brexit Cabinet” committee to overlook the UK’s plans for a no-deal exit from the EU, which is described as being the government’s NUMBER ONE PRIORITY.
Michael Gove, the minister in charge getting ready for a “no-deal” Brexit, said that the government is assuming Britain will leave without a deal.
It is widely expected that a no deal Brexit will cause severe problems for businesses and consumers causing damage to the UK economy.