The value of the pound continues to fall as the UK economy is uncertain after the general election.
The pound dropped steeply against the dollar immediately after the results of the general election were announced, and after stabilising, continued to fall further. On the Friday of the election results, the pound suffered its biggest one-day drop for around 8 months and business confidence has since fallen “through the floor” according to a snap poll of 700 members of the Institute of Directors.
Brexit and The Value of The Pound
With Brexit negotiations commencing in the coming weeks, this uncertainty also leaves question marks over how these negotiations will unfold. Due to the likely partnership between the Conservative party and the DUP, a “softer” Brexit could now replace the previously expected “hard” Brexit, and investors should expect a fluctuating pound throughout these discussions.
More information on the value of the pound since the general election can be found on the BBC website.