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BOE sees weakest outlook since 2009

The pound has been volatile this week. It fell further yesterday after the BoE kept interest rates on hold and then strengthened when the central bank said rates will rise if an EU divorce deal is done.

That was seen as somewhat hawkish a time when other major central banks have said they will hold off from raising borrowing costs.

With no obvious way out of the Brexit deadlock in parliament and British Prime Minister Theresa May yet to secure any concessions from Brussels, the pound faces further downside risks.

The BOE sees weakest UK outlook since 2009 on Brexit, global slowdown

May will return to parliament on Feb. 14 for a debate on the Brexit negotiations, when lawmakers could again try to wrest control of the process from her, but a vote on approving the Brexit deal is likely to come later in the month.

In a letter to May released on Wednesday, Labour leader Jeremy Corbyn set out five conditions for Labour to support a deal, including a “permanent and comprehensive” customs union with the bloc, which May has ruled out.

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