The pound fell towards $1.32 on Monday as Prime Minister Theresa May tried to sa...
LONDON - The pound fell towards $1.32 on Monday as Prime Minister Theresa May tried to salvage her Brexit deal by winning over doubtful lawmakers with threats and promises to avoid any move to oust her.
May is expected to hold a third vote on her Brexit deal on Tuesday or Wednesday, after it was heavily defeated twice in rebellions by Eurosceptic Conservative lawmakers and by members of Northern Ireland’s Democratic Unionist party. She suffered a further setback on Monday when Boris Johnson, the pro-Brexit former foreign secretary, refused to back her agreement unless she secured changes to the Irish backstop — designed to prevent a hard border on the island of Ireland.
The Bank of England is expected to leave its interest rate outlook unchanged at a policy meeting on Thursday due to the deep uncertainty over Brexit.The pound was down 0.4 percent at $1.3245. It was also weaker against the euro, down half a percent at 85.62 pence. Last week the currency swung wildly, trading between $1.2945 and $1.3380.
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