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British pound stable after election slide

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London:The British pound on Monday stabilised on Asian markets, remaining at its low following last week’s general election results.

The currency traded at $1.2740 early on Monday after Friday’s $1.2743 close, reports the BBC.

On Friday, the British currency reacted to the vote by sliding 1.7 per cent, its biggest one-day drop in about eight months.

Analysts suggest the likelihood of a minority Conservative government might stave off further falls in the currency.

Prime Minister Theresa May is in talks with Northern Ireland’s Democratic Unionist Party to seek the support of MPs to govern a minority Conservative government.

The June 8 snap general election saw the loss of the Conservatives’ majority in the House of Commons, throwing the country into political uncertainty.

The uncertainty caused by the election result has also led business confidence to sink “through the floor”, according to a lobby group.

A snap poll of 700 members of the Institute of Directors found a “dramatic drop” in confidence following the hung parliament.

Brexit negotiations with Brussels are due to begin on June 19, with the outcome expected to have a significant impact on the economies of both the UK and the European Union.

IANS

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