Sterling has lost about a fifth of its value since Britain voted in June to leave the EU. Some British media say May will advocate leaving the EU's single market in goods and services in order to gain control over immigration — a key issue for many voters who backed Brexit. EU leaders say Britain can't stay in the single market without allowing free movement of people from the bloc. "We now have to assume May will prioritize immigration controls and the price to pay will be to exit the single market," said Neil Wilson, senior market analyst at ETX Capital. British Treasury chief Philip Hammond also fueled speculation that Britain will play hardball in Brexit negotiations.

Source: New York Times January 16, 2017 09:53 UTC