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Pound falls more than 1% against Singdollar on Brexit fears

Wednesday, March 29, 2017 - 09:46

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The British pound slumped after British Prime Minister Theresa May on Tuesday night signed the country's divorce papers to exit the European Union.

[SINGAPORE] The British pound slumped after British Prime Minister Theresa May on Tuesday night signed the country's divorce papers to exit the European Union.

The ties that have bound Britain to the EU since 1973 will start to unravel at around 1:30pm in Brussels on Wednesday (7:30pm Singapore time) when Britain's ambassador hands EU President Donald Tusk the hand-signed letter from May invoking Article 50 of the Lisbon Treaty. No country has ever activated the mechanism so markets are nervous about entering this unchartered territory.

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