The pound has been sent into freefall this morning after a weekend of dramatic news about Britain’s potential exit from the European Union. Boris Johnson’s decision yesterday to support the exit campaign is being viewed as a major blow to David Cameron’s attempts to convince voters that it is critically important for Britain to remain in the Union.
As markets opened in London the pound recorded its biggest one-day fall against the dollar in more than a year as jitters gripped the stock exchange.
The pound also fell against the euro, sliding 1.3 percent to €1.2773, and fell 1.5 per cent to ¥159.682 against the Yen, its lowest level since 2013.
Boris Johnson is viewed as having a potentially critical role to play in the battle over Britain’s membership of the European Union. He is seen, by some, as a charismatic public figure who the general public do listen to. Michael Gove is another senior Conservative figure who has opted to go against the Prime Minister and advocate leaving.
David Cameron will address the Commons later today and attempt to convince his wavering MPs that staying within the confines of the European state is a good idea.
The repercussions on British business, if the nation were to vote to leave, would be considerable. HR departments would face many different repercussions as EU law, which would become defunct should the nation vote no, is the source of many UK employment rights.