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Sterling fall a 'foretaste' of leaving EU - Foreign Secretary
February 25, 2016 / 1:01 PM / in 2 years

Sterling fall a 'foretaste' of leaving EU - Foreign Secretary

Britain's Foreign Secretary Philip Hammond arrives for a Cabinet meeting in Downing Street in London, Britain February 20, 2016. REUTERS/Toby Melville

LONDON (Reuters) - Weakness in the sterling currency is a “foretaste” of what the impact would be if Britain voted to leave the European Union at an upcoming membership referendum, Foreign Secretary Philip Hammond said on Thursday.

Sterling hovered near seven-year lows against the dollar on Thursday and was on course for its worst weekly performance since 2009 as investors fret about a possible British exit from the bloc at a June 23 vote.

“A vote to leave is a vote for an uncertain future, that’s a simple fact, and that uncertainty would generate immediate and negative reactions in financial markets ... We’ve already had a foretaste of that this week in the currency markets,” he told parliament.

Reporting by Elizabeth Piper, Editing by Kylie MacLellan

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