Economics
Pound Tumbles to 31-Year Low as Brexit Starts to Inflict Damage
- Sterling falls as M&G, Aviva, Standard Life suspend funds
- U.K. currency surpassing levels reached in wake of referendum
Carney and BOE Well Prepared for Brexit, Says Gieve
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The pound fell to its weakest level in three decades against the dollar, surpassing lows reached in the aftermath of Britain’s vote to leave the European Union.
Sterling touched $1.30 and sank to its lowest since 2013 against the euro as evidence piled up that the Brexit vote is hurting confidence in the U.K. economy. M&G Investments suspended a 4.4 billion-pound ($5.7 billion) real-estate fund on Tuesday, following on the heels of Aviva Investors and Standard Life Investments after a flurry of redemption requests.