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Sterling value plummets following decision by Boris Johnson to seek suspension of UK parliament

The currency’s value fell by almost 1% this morning.

Image: Shutterstock/Valeri Potapova

THE VALUE OF the pound sterling has fallen drastically following news that Boris Johnson will ask the queen to suspend Parliament next month.

The currency’s value initially fell by almost 1% against the Dollar, Euro and other major currencies ahead of the news, before rallying later this morning.

The sterling closed at €1.1058 last night, dropping below €1.10 following reports this morning that the House of Commons would be prorogued from September.

The move makes it more difficult for MPs to block a no-deal Brexit, meaning that such a scenario is now more likely on 31 October.

The sterling’s drop follows a recent climb in its value, after it fell below €1.0792 a number of weeks ago, its lowest value in a decade.

That followed reports that the UK’s GDP fell by 0.2% in Q2 of 2019.

Pound The value of the Pound against the Euro over the last three months Source: European Central Bank

In a letter to MPs this morning, Johnson said the current parliamentary session needed to come to a close.

He said he would schedule a Queen’s Speech – laying out the government’s plans – to launch new legislation on 14 October, less than three weeks before Brexit.

He denied that the move was an attempt to block MPs from discussing Brexit, saying MPs would have “ample time” to debate the issue.

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