Matthew Lynn’s London Eye: Britain’s hard Brexit will be a huge buying opportunity

There will be no compromise on immigration. The single market will remain closed. The City of London will get no special treatment. No negotiations will start until Article 50 is triggered.

It is becoming increasingly clear that the one option the markets feared most is slowly becoming a reality. Britain will opt for a so-called hard Brexit, in which all formal ties with the European Union will be severed.

The response can be seen in the value of sterling GBPUSD, +0.0471% . It has crashed to a 31-year low of just $1.27. It may well go down to $1.20 or even lower as the positions on both sides of the English Channel become ever more intransigent.

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