Pounds sinks in no-deal scare

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FEARS of a no-deal Brexit have begun hitting ‘brexpats’ and holidaymakers’ wallets this week.
Statements by the new PM Boris Johnson revealing the government is increasing no-deal preparations and insisting the EU scraps the backstop to negotiate a new deal, proved to be devastating for the pound on the exchange markets.
The official exchange rate hit €1.09 to the pound on Tuesday – the lowest rate since 2017 and local offices were exchanging at €1.07 on Wednesday.

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