The pound has been sliding against a basket of currencies after Prime Minister Theresa May set a date to begin official Brexit proceedings, while hedge funds increased shorts against the currency.
Sterling was nearly 1% down against the US dollar at $1.2847 and 0.9% lower against the euro at €1.1444 by 8.30am GMT, after the Prime Minister (pictured) announced plans to trigger Article 50 by March 2017. Speaking at the Conservative Party conference on Sunday, May said the UK would become "truly global" as a result of Brexit and hinted there would be no backing down on immigration as she said "we are not leaving the European Union only to give up control of immigration again". This is the first time May has revealed a timeline for the Brexit negotiations, and though this informati...
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