World Economy

Pound Tumbles

Pound  TumblesPound  Tumbles

The pound slumped to a three-week low after polls showed more Britons favor exiting the European Union, reviving concern a June 23 referendum will throw global markets into turmoil and undermine confidence in the 28-nation trading bloc, Bloomberg reported. Sterling weakened against all 10 developed-market peers after two surveys showed more voters were willing to vote to leave the EU than those wishing to stay. A gauge of the currency’s expected swings against the dollar during the next month surged to a seven-year high. The Bank of England has said uncertainty surrounding the referendum vote is damping UK growth, while global institutions including the International Monetary Fund and the Organization for Economic Cooperation and Development are warning of dire fallout if Britain votes to quit the EU.  A YouGov poll for television network ITV found 45% would choose ‘Leave’, compared with 41% picking ‘Remain’. A separate survey by global market research company TNS showed 43% for ‘Leave’ and 41% for ‘Remain’.