Brexit aftermath: The plunging pound and the money markets

Sterling fell below S$1.80 yesterday, its weakest against the Singdollar in at least 35 years.
Sterling fell below S$1.80 yesterday, its weakest against the Singdollar in at least 35 years.PHOTO: AGENCE FRANCE-PRESSE

British currency and stocks suffer bashing even as George Osborne seeks to allay fears

Sterling and British shares yesterday remained under siege although Asian markets regained some semblance of calm, as investors sought answers in the wake of Brexit.

But markets are likely to remain volatile as uncertainty mounts over the next steps for Britain following the country's stunning vote last week to leave the European Union.

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Money changers' rates yet to catch up

The British pound fell to its lowest level against the Singapore dollar, diving to just $1.797.

But while the plunging pound has drawn crowds to money changers, the deals on offer still lag far behind the official money-market rates quoted by banks.

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Tokyo considering $134b stimulus

At least 10 trillion yen (S$134 billion) is on the table to spur the Japanese economy, if it continues to falter following Britain's divorce from the European Union.

The stimulus package, slated to be presented in autumn, was discussed on Saturday in the first of two urgent meetings held between the government and the central bank since last Friday.

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1 out of 5 British businesses may move operations abroad: Poll

One-fifth of British business leaders are considering moving operations abroad after the country's decision to leave the European Union, according to a survey from a leading business lobby group.

The Institute of Directors (IoD), which polled more than 1,000 of its members between last Friday and Sunday, said one in four also planned to freeze recruitment following the referendum result.

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