Hard Brexit fears drive sterling to a three-year low

Border controls look set to rank ahead of economic concerns as the UK makes its exit...

Hard Brexit fears drive sterling to a three-year low

David Cheskin / PA

Sterling values have plummeted since British prime minister Theresa May set a March deadline for the triggering of Article 50 which will formally being the UK's process of leaving the European Union.

One euro currently buys 87 pence - the currency also hit a seven-week low against the US dollar.

xe.com

Theresa May’s definitive Brexit road map came with a commitment to put greater border controls ahead of access to the Single Market.

She said that the UK will become a "fully independent, sovereign" - this has been read as a nod towards a move away from Single Market access which can only come with concessions to the EU. A number of states have signaled their intention to veto any deal that will compromise the movement of people.

A weak pound is bad news for Irish exporters and the Irish tourism sector as trips from the UK to Ireland become relatively more expensive.

Meanwhile, Minister for Foreign Affairs Charlie Flanagan has told Newstalk that the prospect of a hard border between Northern Ireland and the Republic cannot be ruled out.