Sterling slides to weakest since March 2017 on no-deal Brexit fears

LONDON: Sterling dropped to another low on Monday, hitting its weakest since March 2017 as investors grow increasingly worried that Britain is headed towards a disorderly exit from the European Union without a transition deal.

Senior ministers said on Sunday that new Prime Minister Boris Johnson's government was working on the assumption that the EU will not renegotiate its Brexit deal and is ramping up preparations to leave the bloc without a deal on Oct. 31.

The pound dropped 0.2% to $1.2363 in early London trading. It was also lower against the euro, touching 90.01 pence.