Sterling gets ‘ugly’ on Theresa May’s Brexit comments

Sterling plunged against the euro and the dollar, as the UK once again appeared to be setting course for a hard Brexit in divorce talks with the EU.

The currency’s weakness sent London’s Ftse 100 index of shares climbing to a new high, but revived concerns about Irish companies that generate a significant amount of their earnings in Britain.

“Things are getting ugly for the pound once more, with weekend comments from Theresa May pointing to her opinion that the aim of controlling immigration is non-negotiable” as the UK leaves the EU,” said Joshua Mahony, a market analyst at online trader IG.