Will the British Pound Suffer A Historic Collapse?

Will the British Pound Suffer A Historic Collapse?

The UK economy experienced the worst month in its history, contracting 20.4 percent in April. The ban was imposed throughout the country for a month since the coronavirus outbreak necessarily affected various fields of activity. This contraction in England corresponds to three times the contraction in the entire 2008-2009 economic crisis. During the 2008-2009 crisis, Britain's GDP had not dropped more than 1 percent in a month. The British economy is expected to shrink by 8 percent this year, although it is believed that the worst time has been left because of the relaxing restrictions, by Ernst & Young's UK economist Mark Gregory. According to the economist, it is also stated that the effects of the coronavirus outbreak across the country will be felt until 2023. BREXIT FAILS TO REACH CONCLUSION This situation is expected to be a difficult struggle for a country affected by the heavy pressure caused by the Brexit war, which could not be summarized yet. The pound continued to decline on the third consecutive trading day, suffering its biggest drop this month. According to technical data, this decline in the British Pound is expected to continue.