Pound's safety-valve status in jeopardy as its tumble accelerates

Edinburgh

THE pound risks turning from prop to pain for the UK economy as Brexit negotiations near. Sterling tumbled the most last week since the vote to leave the European Union (EU) in June, as investors woke up to the fact that the UK government's approach to Brexit may mean forgoing access to the single market.

While the currency's weakness has helped cushion the economy in the immediate aftermath of the referendum, the latest slide may carry more costs than advantages.