Sterling hit a two-year low on Monday as Prime Minister Boris Johnson’s government said it now assumed there would be a no-deal Brexit because a “stubborn” European Union was refusing to renegotiate their divorce. Many investors say a no-deal Brexit would send shock waves through the world economy, tip Britain’s economy into a recession, roil financial markets and weaken London’s position as the pre-eminent international financial center. The pound, which was trading at $1.50 on the day of the 2016 referendum, dropped 0.4% to $1.2325 GBP=D3, the lowest level since March 2017. Johnson’s bet is that the threat of a ... (full story)