Pound plummets as Chequers plan is pounded

pound

The pound has plummeted and put the currency under renewed pressure after Michel Barnier blasted Theresa May’s Chequers plan, becoming the latest to heavily criticise the Prime Minister’s Brexit proposals. After two weeks of improvements as Brexit negotiations enter a crucial stage, pound sterling fell 0.3% in early morning trading last week to $1.2928 against the US dollar.

The currency, which had come off from a four-week peak of $1.3043 hit on Thursday, had dropped as low as $1.2892. This comes after the EU’s chief Brexit negotiator Mr Barnier said he was “strongly opposed” to key parts of Theresa May’s proposals for a post-withdrawal trade deal, warning Britain can’t “cherry pick” which Brussels regulations it wants to adopt on exiting the bloc.