SINGAPORE (Nov 19): The British pound was battered, falling the most in a day since June 2017, after several UK ministers resigned in protest of Prime Minister Theresa May’s Brexit divorce plan.

Brexit Secretary Dominic Raab led the exodus, less than 24 hours after May announced on Nov 14 that she had won cabinet approval for a deal with the European Union. Work and Pensions Secretary Esther McVey followed suit, accusing the prime minister of failing to honour the result of the 2016 referendum vote to leave the EU. Northern Ireland minister Shailesh Vara and junior Brexit minister Suella Braverman have also quit, plunging the UK government into crisis.

On Nov 15, the sterling dropped by nearly 2% against the US dollar to US$1.2780, as Brexit worries sent shockwaves through the currency market.

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