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As pound plunges, UK's Cameron defends EU deal to avert 'Brexit'
Source: Reuters
World | Mon Feb 22, 2016 2:24pm EST
As pound plunges, UK's Cameron defends EU deal to avert 'Brexit'
LONDON | BY KYLIE MACLELLAN AND ELIZABETH PIPER
The pound posted its biggest one-day loss in almost six years on Monday on concerns of a possible British exit from the EU, adding to the pressure on Prime Minister David Cameron as he mounted a defense of his deal to keep the country in the bloc.
The fall in the currency, as well as in government bond prices, was triggered by London Mayor Boris Johnson - a senior figure in Cameron's Conservative Party - throwing his support behind the exit campaign.
Johnson, one of the country's most popular politicians, gave the "Brexit" camp a much-needed figurehead when he announced his support on Sunday, just days after Cameron struck his deal in Brussels to hand Britain what he called a "special status".
Cameron, addressing parliament to champion the deal as a good basis for Britain to stay in the EU, faced criticism from lawmakers in his divided party and exchanged barbs with Johnson, whose announcement had bitterly disappointed him.
The stakes are high in the June 23 referendum. A vote to leave would not only transform Britain's future in world affairs but also shake the EU, which has struggled to maintain unity over migration and financial crises, by ripping away its second-largest economy and one of its main military powers.
[font size=1]-snip-[/font]
As pound plunges, UK's Cameron defends EU deal to avert 'Brexit'
LONDON | BY KYLIE MACLELLAN AND ELIZABETH PIPER
The pound posted its biggest one-day loss in almost six years on Monday on concerns of a possible British exit from the EU, adding to the pressure on Prime Minister David Cameron as he mounted a defense of his deal to keep the country in the bloc.
The fall in the currency, as well as in government bond prices, was triggered by London Mayor Boris Johnson - a senior figure in Cameron's Conservative Party - throwing his support behind the exit campaign.
Johnson, one of the country's most popular politicians, gave the "Brexit" camp a much-needed figurehead when he announced his support on Sunday, just days after Cameron struck his deal in Brussels to hand Britain what he called a "special status".
Cameron, addressing parliament to champion the deal as a good basis for Britain to stay in the EU, faced criticism from lawmakers in his divided party and exchanged barbs with Johnson, whose announcement had bitterly disappointed him.
The stakes are high in the June 23 referendum. A vote to leave would not only transform Britain's future in world affairs but also shake the EU, which has struggled to maintain unity over migration and financial crises, by ripping away its second-largest economy and one of its main military powers.
[font size=1]-snip-[/font]
Read more: http://www.reuters.com/article/us-britain-eu-idUSKCN0VU0DC
