Seven days in the Square Mile

The pound fell sharply on international exchanges as traders concluded that a series of House of Commons votes on Tuesday had increased the chances of a disorderly departure on 29 March. Sterling has been rising steadily since MPS rejected the PM’S negotiated deal with Brussels on 15 January, on hopes of an extension to Article 50. But it fell by more than a cent against the dollar on revived cliff-edge fears. Official figures were expected to show that the ailing eurozone has begun to trail Britain, even as Brexit uncertainty bites. Preliminary estimates indicate the bloc’s economy grew by only 0.2% in the last quarter of 2018, compared with a 0.3% showing from Britain. The credit-rating agency Standard & Poor’s reported that the longest government shutdown in US history, which has been “temporarily” suspended, had cost at least $6bn – more than the $5.7bn President Trump was demanding for his border wall. In his first interview since his arrest, the ex- Nissan chairman Carlos Ghosn claimed that the allegations of financial misconduct against him were the result of “plot and treason” by Nissan executives. The cut-price sale of regional airline Flybe to a Virgin Atlantic- led consortium was thrown into doubt after shareholder Hosking Partners challenged the move, and threatened to oust chairman Simon Laffin. Shares in Royal Mail collapsed to their lowest point since privatisation: letter volumes were worse than expected. Selfridges said it will start selling pasta and protein and granola bars made from insect flour.