British pound sinks to 7-year-low on Brexit fears

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The British pound sank to its lowest levels in nearly seven years during afternoon trade in London on Monday, reflecting the increasing uncertainty over this summer’s referendum on the country’s EU membership.

In early afternoon trade, the Sterling was down about 2.3 percent against the U.S. dollar at $1.4079. The rate slightly recovered later in the afternoon, but the intraday decline marked the steepest daily fall in percentage terms since early 2009.

Monday’s volatility comes just days after Prime Minister David Cameron announced that it would hold a EU referendum on June 23. London Mayor Boris Johnson has since announced his decision to joint the “out” campaign, and more than 100 Conservative members of parliament are expected to join him.

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