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.”
Notes to editors