Leslie – Fire sale Sterling sell-off would be a disaster - People's Vote

Leslie – Fire sale Sterling sell-off would be a disaster

Bank of America Merrill Lynch have today warned that a hard Brexit could lead to a massive sell-off of Sterling by central banks that hold the British currency as part of their currency reserves.

Up to £100 billion of Sterling could be dumped on the world’s currency exchanges if the UK crashes out of the EU without a deal, they warn.

 

Commenting, Chris Leslie MP, leading supporter of the People’s Vote campaign, said:

“If a bad Brexit deal leads to a fire sale sell-off of Sterling, it won’t just be the banks that will feel the pain. Everyone’s weekly shopping bill will rise, everyone thinking about a foreign holiday will face greater costs, and if a crash on the foreign exchanges causes an interest rate rise, then car loans and mortgages will become more expensive too.

“Nobody voted for such a disaster and that is why we must have a People’s Vote on the final Brexit deal.”

/ends

 

Notes to editors

Reuters report is here: https://uk.reuters.com/article/uk-britain-brexit-sterling/global-central-banks-could-sell-100-billion-pounds-from-reserves-in-case-of-hard-brexit-baml-idUKKCN1LD1VZ?rpc=401&