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Pound falls to 11-month low on 'no deal' Brexit concerns

The pound sank to an 11-month low on Monday after trade minister Liam Fox warned Britain could crash out of the European Union without a trade deal.
Sterling fell half a cent to $1.2938, its lowest since 5 September last year. It fell 0.2% against the euro.
With less than eight months until Britain quits the bloc, the prominent Brexiteer put the odds of the UK leaving without a deal over their future relationship at "60-40".

[img]https://e3.365dm.com/18/08/512x512/skynews-brexit-fox_4381580.jpg" alt="Liam Fox: EU pushing Britain towards no-deal Brexit" class="sdc-article-strapline__image">
Liam Fox: EU pushing Britain towards no-deal Brexit
International Trade Secretary Liam Fox has said "intransigence" from the European Union is pushing Britain towards a no-deal Brexit.

Last year, he said a trade deal with the EU would be "one of the easiest in human history".Dr Fox's comments come after the governor of the Bank of England warned the risk of the UK leaving the EU without a deal was "uncomfortably high".
Commerzbank currency strategist Ulrich Leuchtmann said: "The voices forecasting a hard Brexit are becoming increasingly shrill. The FX market is slowly beginning to work out that these people might successfully torpedo a constructive solution."I consider the Brexiteers' promise that the UK 'would enjoy unimaginable wealth' outside the EU to be nonsense."
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If Britain fails to agree the terms of its divorce with the EU and leaves without even a transition agreement to smooth its exit, it would revert to trading under World Trade Organisation (WTO) rules in March 2019.

Pound falls to 11-month low on 'no deal' Brexit concerns

Risk of no deal Brexit 'uncomfortably high', Bank of England governor admits
Mark Carney warns consumer prices will likely rise without a deal before Brexit

While many economists think WTO tariffs could cripple Britain's economy, Brexiteers believe the UK can prosper outside the EU after some short-term pain.
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