IRS: Pound decline deepens as Budget seen offering little support
Sterling falls for a third day as analysts say Budget will do little to support currency
The pound fell for a third day, touching a seven-week low against the dollar, before a UK budget that analysts say will do little to support the beleaguered currency.
Sterling fell against most of its major peers as it cemented its position as 2017â€™s worst-performing Group-of-10 currency before the UK triggers its exit from the European Union. That process has been further complicated this week after Prime Minister Theresa May lost a second vote in the House of Lords over the conditions to her draft law to start the Brexit process, setting the stage for further tussles before Article 50 can be invoked.
UK Chancellor of the Exchequer Philip Hammond began his first annual budget at 12:30 p.m. London time.