Continued concerns about Brexit causes the pound to crash

The British pound suffered a jarring flash crash on Friday, nose diving more than 6% in a matter of minutes.  The pound had already sunk to a fresh 31-year low of around $1.26 on Thursday over deepening concerns that the U.K.’s split from the European Union will hurt the country’s economy. Strategists had widely forecast it would go lower, but not as rapidly as it did on Friday. What does the general decline and the sudden crashes of the pound mean for St Lucia? Accountant Richard Peterkin, says this will further impact an already struggling key tourism source market for st Lucia, and significantly impact remittances.

Peterkin, predicts that will the pound rebounded quickly from the 6 percent crash. It will remain at its record lows for the rest of the year. He says recent events like the tone of the conservatives’ convention have indicated that England will pursue a hard Brexit. He says other markets are not convinced that Britain can go it on their own, and so there is reaction and panic in the market.

That was accountant Richard Peterkin.