City of London expecting further post-Brexit losses when trade reopens

Discussion in 'Market News' started by Lily, Jun 26, 2016.

  1. Lily

    Lily Forum Member

    Aug 29, 2015
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    Chancellor to make morning statement as survey shows majority of businesses view referendum result in negative light

    British businesses have warned that Brexit will trigger investment cuts, hiring freezes and redundancies as the consequences of leaving the European Union threaten to destabilise markets further this week.

    The survey by the Institute of Directors (IoD), which found that the majority of businesses believed Brexit was bad for them, comes amid fears that investors will wipe billions more pounds off share values on Monday morning, and signs that the pound, which hit a 30-year low on Friday, was coming under further pressure from trading in Asia. Sterling was down more than 1% as the Asian markets opened late on Sunday.

    Related: Market turmoil fears likely to force Mark Carney to abandon ECB meeting

    Related: Brexit triggers Corbyn coup: Watson 'saddened' by Labour departures – live

    Related: Bank of England seeks to limit damage of UK's vote to leave EU

    Related: Get ready for more market reaction to Brexit

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