The British pound has hit a three-year low in the past few months, and is currently struggling to reverse the trend, although it still remains below its $1.20 milestone. This is the weakest point since October 2016, when the sterling survived a brief “flash crash” on the heels of the June 2016 vote. © Photo : screenshotGraph News about the struggling pound keeps coming in amid speculation on a Brexit-related snap election and a significant recorded slump in construction across the UK. © Photo : screenshotGraph According to Duncan Brock of the Chartered Institute of Procurement and Supply, as cited by The Guardian, the downward trend in construction business shows an urgent need for clarity about Brexit, as many British-based firms have found themselves on tenterhooks vis-à-vis their prospects. For instance, the data firm Markit reported that builders suffered the most sizeable fall in new business since March 2009, with housebuilding, commercial construction, and civil engineering companies all affected and hitting their lowest point since December 2008, the last economic crunch. Meanwhile, the weakening of the pound following the Brexit referendum in June 2016 has enabled foreign investors to cherry-pick and effectively buy out UK assets of their choice: in… Read full this story
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