Record losing run for pound

THE pound has marked its longest losing run against the euro since the continental currency began trading in 1999.

Rumours that Prime Minister Theresa May could be ousted caused sterling to slide yesterday against the euro for the 13th day in a row.

The currency dropped 0.2pc to around €1.1361.

The pound was also down 0.3pc against the dollar, at $1.2674, as traders worried that the chance of a No Deal Brexit was growing.

Neil Wilson, an analyst at Markets.com, said the possibility of May stepping down ‘opens up the prospect of more uncertainty – the potential of a Brexiteer prime minister, a general election and perhaps a second referendum.’

He added: ‘In other words it just makes things even more chaotic.’

Andrew Scott, of the financial risk advisory firm JCRA, said: ‘The short-term risks for sterling are that Boris Johnson becomes prime minister and seeks a harder Brexit.’

Sterling hit a 2019 high of $ 1.3337 against the dollar in March, but it has since slipped by more than 5pc.