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Pound steadies after biggest fall since 2016

Sterling edged up against the dollar to $1.2816 in the absence of any more resignations caused by the prime minister’s proposal.

The pound suffered its biggest fall for two years on Thursday, while UK-focused shares also saw steep declines.

Shares in housebuilders and banks continued to languish on Friday.

Despite the Prime Minister announcing on Wednesday that she had secured cabinet backing for the draft Brexit agreement with Brussels, the resignations of Brexit Secretary Dominic Raab and Work and Pensions Secretary Esther McVey on Thursday rattled markets.

On Thursday, the pound registered its highest volatility since the referendum in June 2016 as it fell 1.7% against the dollar and dropped 1.9% against the euro.

In the absence of any further resignations, the pound stabilised on Friday morning. But the stability may not last, analysts said.

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