Skip to content
Subscriber Only

Pound Traders Sell on May as Prime Minister Lays Out Brexit Goal

  • May signals U.K. to quit single market to curb immigration
  • Sterling also fell following May’s conference speech last year
Video player cover image

U.K.'s May Hints at Single Market Exit in Brexit

Currency investors, who cheered Prime Minister Theresa May’s arrival in Downing Street, are increasingly seeing her as a trigger to sell.

The pound has tumbled following two of May’s major set piece events since the start of her premiership: her speech at the Conservative Party conference and Sunday’s traditional new-year television interview. In both, the Prime Minister boosted speculation the U.K. is more likely to pursue an exit from the European Union that prioritizes immigration controls over single-market membership, spooking pound investors hoping for a less radical solution.