Sterling Drops after Still No Brexit Deal and a New COVID Strain
The good news on the vaccination programme has not been enough to keep Sterling safe. A new variant of COVID 19 which is rapidly spreading through parts of the UK forced the government to cancel the initial plans for Christmas and move most of the country to tiers 3 and 4.
Europe is reacting to these fears with a ban on all travel by air, rail, road or sea from the UK for at least 48 hours. Britain’s border with France was closed on Sunday night with all travellers and lorry drivers blocked from leaving. Panic descended at the Eurostar terminal at St Pancras Internationals where EU citizens were trying to return home.
The pound could even suffer further losses, as all non-essential businesses will now be closed for at least 2 weeks which will certainly add pressure on an economy already struggling to recover.
Emergency meetings in Europe and in the UK will take place today.
No clear Brexit agreement has also contributed to the big drop in Sterling’s price. There are still hopes that the outstanding matters – mainly the differences over fisheries – will finally be resolved in which case we might see a deal before the end of the year. If this were to happen, it could provide a modest boost to the pound.
At the beginning of the week, GBP dropped to levels of 1.08 against the EUR and to 1.32 against the USD and further volatility is expected.
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