Brexit big mess, Pounds crash

British Prime Minister, Theresa May photo:
Theresa May planning smooth Brexit. 

It has been a terrible week for those plotting the exit of Britain from the European Union (Brexit).

EU officials drew a hardline and the first major legal challenge was filed, the CNN reports.

Reports indicate that it would be very tricky for the UK government to deliver Brexit as no country has ever left the EU.

EU is already facing a myriad of challenges, from refugee crisis and terror attacks to 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.

However, the pound sterling is currently crashing: investors have dumped the currency since the announcement of the exit.

This is coming while the UK yet to complete its exit from the EU, more trade ties would be broken when Brexit finally comes into effect.

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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