Home Business NewsBusiness Pound and FTSE 100 recover as Britain digests Brexit

Pound and FTSE 100 recover as Britain digests Brexit

by LLB Reporter
28th Jun 16 10:46 am

Yesterday the pound dropped to a 31-year low against the dollar

The FTSE 100 is gaining ground slowly after upheaval caused by Britain’s vote to quit the European Union.

The index was up more than 2 per cent at 6,113.03 today and the FTSE 250 had gained 2.6%.

The pound rose 0.6% against the dollar to $1.3307.

Yesterday, the pound dropped to a 31-year low against the dollar while the FTSE 100 lost 5.6% in the previous two trading sessions and FTSE 250 slumped 13.7%.

Addressing Brexit issues, chancellor George Osborne said yesterday: “The markets will move up and down as you’ve seen in the past 24 hours – we are in a period of prolonged adjustment.

We have contingency plans. The banks are safe and secure, the Treasury is working with the banks to provide stability for the markets and we spent a long time working on these plans.

“We are absolutely going to have to provide fiscal security to people, we are going to have to show the country and the world that the government can live within its means.”

 

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