Connect with us

Hi, what are you looking for?


Pound slides under $1.20 on Brexit unrest

The pound has come under pressure owing to uncertainty after Boris Johnson threatened to call an October election if rebels vote to delay Brexit/AFP

LONDON, United Kingdom, Sept 3 – The British pound slid below $1.20 on Tuesday for the first time since the start of 2017, as the UK faces a possible general election amid Brexit turmoil.

Sterling hit $1.1972 around 0640 GMT, as British Prime Minister Boris Johnson faces a rebellion by his own lawmakers over his Brexit strategy that could result in an early general election next month.

The pound later recovered slightly to stand at $1.1987 around 0700 GMT.

“It would appear sterling traders are in no mood to hang around for the result of the votes in parliament, with the pound slipping below 1.20 against the dollar early on Tuesday,” Craig Erlam, senior market analyst at Oanda trading group, told AFP.

The vote in the House of Commons is meant to force Johnson to delay Britain’s October 31 split from the European Union if he cannot secure better terms with Brussels in the next few weeks.

The prime minister insists instead that Britain will leave the EU with or without a deal on October 31.


More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...