Boiled down, the negotiating philosophy of Boris Johnson is this. The first is that appearing to be prepared to leave with no carpet (or withdrawal deal) gives everyone the heebyjeebies while the two sides engage in increasingly hostile-sounding brinkmanship. The pound weakened briefly below $1.24 yesterday on growing anxiety about a disorderly Brexit. Attitudes in Westminster and Brussels have hardened in the past few days. HSBC is predicting a slide to $1.10 if there is no deal.

Source: The Times July 17, 2019 23:15 UTC