Sterling Positions Worst Monthly Fall Since 2016 Brexit Referendum
The pound fell 4.5 percent in August to $1.16 in its biggest monthly drop since October 2016. Sterling also fell nearly 3 percent against the euro. It began September with a further 0.3% decline against the dollar, although it was roughly flat against the common currency. The currency’s fall in August reflects a worsening outlook for Britain’s economy as the energy crisis hits businesses and consumers hard. The new prime minister, due to be appointed next week, could bring further uncertainty as they set new fiscal priorities....