The U. K. is still a member of the EU, and will be for at least another 30 months.
It’s been the week from hell for those trying to plot Britain’s exit from the European Union.
The U. K. economy sent new warning signs. EU officials drew a hardline. And the first major legal challenge was filed.
The week’s news made clear just how tricky it’ll be for the U.K. government to deliver Brexit.
Remember why this matters: No country has ever left the EU before, and the region is already facing a host of huge challenges (think refugee crisis, terror attacks, unemployment). The U.K. is the world’s fifth biggest economy, the pound is a global currency, and thousands of foreign firms employ millions of Brits.
The U.K. is still a member of the EU, and will be for at least another 30 months. But investors have dumped the currency since the Brexit vote in June because they expect Britain to be worse off when ties with its biggest trading partner are ruptured.
The pound has plunged 18% versus the dollar to its lowest level in 31 years, falling again this week after last Friday’s “flash crash.” It has fared slightly better against the euro, but now barely buys more than one at U.K. airports.
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