Economists have warned the battered pound is set to continue trading at record lows even once Prime Minister Theresa May’s government triggers official proceeding to exit the EU.
Ms May said she intends to trigger Article 50 later this month, effectively starting the formal divorce proceedings with the EU.
But according to a poll of more than 60 banks and research institutions conducted by Reuters, sterling, which is already down 17 per cent against the dollar and 12 per cent against the euro since the Brexit vote, will not recover any time soon.
Most economists predict the pound will continue to trade at $1.23 against the dollar in one month, and drop to $1.21 in the next three to six months.
Source: Independenct (03 March 2017)