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Pound plummets against US Dollar over Brexit

The UK pound has plunged against the US dollar after a new poll was released indicating the Leave campaign is ahead in the EU referendum.

Brexit is currently leading by 52 percent to 48 percent, according to the poll released by polling firm ICM on Tuesday.

“Our poll rather unhinges a few accepted orthodoxies,” ICM’s director Martin Boon said. “It is only one poll, but in a rather unexpected reverse of polling assumptions so far, both our phone poll and our online poll are consistent on both vote intentions and on the EU referendum.”

Sterling fell sharply by around a cent a few minutes after the release of the poll, which the ICM firm conducted through the first normal-methodology phone poll.

Lower currency values could put up prices for British tourists who go to other countries; however, British exports would become comparably less expensive to buy in other countries.

In addition, it would increase the prices of imported goods for UK consumers.

The International Monetary Fund chief Christine Lagarde issued a stern warning that Brexit could wipe 20 percent off the value of Sterling.

A report by Bank of America last November warned that Brexit would likely provoke a run on the pound.

The pound hit a seven-year low against the dollar after then Mayor of London Boris Johnson decided to back Brexit.

Sadiq Khan, the current mayor of London, has also joined UK Prime Minister David Cameron in opposing the Brexit option.

Cameron and most of his cabinet are trying to convince Britons to vote against leaving the EU, but about half of his MPs support an exit.

The prime minister has consistently warned against the Brexit, saying that it poses an economic risk to the country and can undermine Britain’s security.

The economy and the impact of a possible Brexit on jobs, wages and trade are a key battleground for both the “Remain” and “Leave” campaigns before Britons vote on June 23 on whether to stay in the 28-member bloc.

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