Sterling pounded on No Deal fears

THE pound crashed to a two-year low against the dollar after ministers said they assumed there would be a No Deal Brexit.

Sterling was trading at close to $1.50 on the day of the EU referendum in 2016 but yesterday dropped below $1.23. That was the lowest level since March 2017 and will hit British families buying foreign currency for their summer holidays.

The Mail last week revealed families are facing the most expensive foreign summer holidays for years because of the fall.

The latest slide, which also saw the pound fall towards €1.10, came as the Foreign Secretary Dominic Raab accused the EU of being ‘stubborn’ for refusing to renegotiate the withdrawal agreement they struck with Theresa May.

Experts have warned a No Deal Brexit would potentially tip the economies of Britain and other European nations such as Germany into recession.