Pound falls after resignations while businesses warn of trade uncertainty

THE pound plunged almost two cents this morning as the slew of ministerial resignations battered the City’s confidence in Theresa May’s Brexit deal.

The slide began with the first departure, junior Northern Ireland minister Shailesh Vara, and accelerated when Brexit Secretary Dominic Raab and Work and Pensions Secretary Esther McVey said they had also quit. By midmorning the pound was down 1.85 cents against the dollar. Business leaders warned that while they cautiously welcomed the Brexit agreement, there remained uncertainty before Britain and the EU’s trading relationship could be put on a permanent, settled footing.

Carolyn Fairbairn of the CBI said: “Leaving the EU without a deal is a very bad outcome for businesses, workers and consumers ... Our members will adjust to a new relationship … but they must be allowed to do this in as smooth and orderly manner as possible.”

Leaving the EU without a deal is a very bad outcome for businesses, workers and consumers Carolyn Fairbairn, director general of the CBI