Even the darkest cloud has a silver lining and there is one definite upside to sterling’s crash. At the end of last week, financial information service Bloomberg ranked sterling among the 10 worst-performing currencies of the year. The right wing of the Conservative party has thus engineered an 18% devaluation of the pound against the US dollar. That prospect – and its grave long-run implications for Britain’s economy – is what currency markets are now factoring into the value of the pound. Given that the leavers attacked him, given that Mrs May implicitly criticised his decisions last week, he might opt to step down.

Source: The Guardian October 11, 2016 18:30 UTC