Boris Johnson's decision to back a EU exit sends pound towards 11-month low

Boris Johnson's decision to back a Brexit sends pound tumbling towards 11-month low as PM's EU deal also 'troubles' investors
Pound slides downwards as trading opens after Johnson's Brexit backing
UK currency falls against dollar, euro and yen because of Boris' popularity
Experts admit chances of EU exit causes uncertainty - as has PM's deal
http://dollars-vedioonline.blogspot.com/2016/02/boris-johnsons-decision-to-back-eu-exit.html


Boris Johnson's decision to defy David Cameron and back a Brexit caused the pound to fall off a cliff this morning.

Britain's currency slid to its lowest level for almost a year after the Mayor of London's decision to side with the Out campaign.

Experts believe that Mr Johnson's decision to back an EU exit yesterday is not only a major blow to David Cameron's campaign - it has also led to uncertainty in the financial markets.

Scramble: The Mayor of London cycles through a crowd of journalists outside his London today as experts say his decision not to join the In campaign is troubling the markets
Traders began selling off the pound when the markets opened this morning and the pound instantly dropped by 1.5 per cent - from $1.44 to the pound on Friday to just $1.419 today.
If maintained, that would mark its biggest one-day fall in 11 months.
Alvin Tan, a strategist with French bank Societe Generale in London said: 'The out camp were struggling to get a figurehead who was popular and Boris has given them that boost,' said Alvin Tan, a strategist with French bank Societe Generale in London.
'I think there is genuine worry that Britain might vote to leave and the uncertainty is going to rise into the referendum.'
Sterling also fell sharply against euro, losing around one per cent to 78.08 pence per euro.
The pound also dipped below 160 yen for the first time in more than two years.


Currency markets were digesting the EU reform package secured by Prime Minister David Cameron ahead of an In/Out referendum on June 23.

Michael Hewson, chief market analyst at CMC Markets UK, said the forthcoming EU referendum was adding to the many concerns 'troubling' investors, which included the impact of an economic slowdown in China.

Karl Goody, from Shaw and Partners in Sydney, told Bloomberg News: 'People are looking at the sell-off this year and saying: enough is enough, there's been enough pain now'.

Chris Weston of City firm IG said: 'BoJo (Boris Johnson) showing his hand does throw a spanner in the works, but the odds of a 'Brexit' are still around 35 per cent'.

Row: Boris Johnson (right) informed David Cameron (left) that he was making the announcement by text just nine minutes before
Mr Johnson announced on Sunday that he would back the Out campaign, stating that the EU was fuelling political disengagement by voters and driving the rise of extremist parties.
He added that if the forthcoming referendum delivered a vote to remain in, Britain faced a further erosion of democracy.
Mr Johnson's support for Brexit was seen as a blow to the Prime Minister.
But Mr Cameron has been boosted by reports that bosses of around half of Britain's 100 biggest companies are preparing to back his campaign to keep the country in the European Union.
The chairmen and chief executives of around 50 FTSE companies are prepared to sign a letter in support of the Prime Minister's renegotiation package, the Financial Times reported.
Supporters are said to include senior figures from Shell, BAE Systems, BT and Rio Tinto.
A draft of the letter, which is due to be published on Tuesday, states: 'Following the Prime Minister's renegotiation, we believe that Britain is better off staying in a reformed EU.'

Easyjet boss says Brexit would end the era of cheap flights

Brexit would end the era of cheap flights and put passenger safety in jeopardy, claims airline chiefs as 'project fear' kicks into full swing
http://dollars-vedioonline.blogspot.com/2016/02/easyjet-boss-says-brexit-would-end-era.html

EasyJet boss says flying would be 'reserved for the elite' if UK leaves EU
Ex-Thomson chief says staying in EU is vital to 'protect holidaymakers'
But Liam Fox accuses them of doing PM's dirty work by 'frightening voters'



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The era of cheap flights will come to an end and passenger safety will be put in jeopardy if Britain leaves the EU, airline bosses claimed today.
EasyJet chief Dame Carolyn McCall said a Brexit would see us return to the days when flying was 'reserved for the elite'.
And Peter Long, former boss of the Tui travel group that owns Thomson and First Choice, said staying in the EU was essential to 'protect the security of our holidaymakers'.
But their warnings were dismissed by Eurosceptics, who claimed they were doing David Cameron's dirty work by running 'project fear'.

Writing in today's Sunday Times, Dame McCall warned: 'The EU has brought huge benefits for UK travellers and businesses. Staying in the EU will ensure that they, and all of us, continue to receive them.
'How much you pay for your holiday really does depend on how much influence Britain has in Europe.'


She suggested Britain could return to the 1990s when 'few people flew' and those who did 'found themselves travelling on government-owned airlines between state-controlled airports'.
Mr Long, who was in charge of Tui when 33 British tourists were massacred by an Islamist gunman in Tunisia last year, said he had seen first-hand how co-operation with other EU countries was essential in the fight against terrorism.

David Cameron heads to Brussels for a crunch EU summit on Thursday where he will hope Angela Merkel, pictured with the Prime Minister on Friday evening, will agree to his draft EU deal
He said witnessing the 'human tragedy' following the Tunisia attacks had given him 'many first-hand experiences of seeing how European governments, through their foreign offices, collaborate and work together in a crisis'.
'It would not be like that if we weren't in a situation where we were as Europe working together,' he added.
CRUNCH WEEK FOR BIG EU VOTE
MONDAY
David Cameron had called a crunch Cabinet meeting to fire up Ministers for the negotiations in Brussels – but has been forced to cancel it as too many of his senior team were out of the country. One sardonic source said: 'The most crucial Cabinet since the Election is scrapped due to skiing holidays.'
TUESDAY
The Prime Minister flies to the European Parliament to discuss his reform plans. He will to try to win politicians over as the Parliament is likely to vote on whether Britain is allowed to apply an 'emergency brake' on benefits to EU migrants.
THURSDAY
Today the talking will start in the Justus Lipsius building in Brussels. The draft agenda says the UK deal should be concluded over dinner.
FRIDAY
Friday is meant to be set aside for talks on migration. But sources acknowledge that UK negotiations might stretch into a second day. They could even be a 'three shirter', running into Saturday. Although diplomatic 'sherpas' have started talks, four of Britain's key demands remain in the air: the UK's wish to halt ever-closer union, protection from the eurozone block, the brake on benefits and curbs on child benefits for migrants.
NEXT
After the summit, the PM has pledged a Cabinet meeting, after which Ministers will be free to announce whether they back 'In' or 'Out'. No date has been set, but Mr Cameron is under pressure to hold it on Saturday.
And he echoed Dame McCall in warning that British tourists would have to spend more on holidays in Europe if voters opted to leave the EU.
Brexit campaigners described the claims as the latest in a long line of 'negative campaigning tactics' that were based on 'fear and falsehoods'.
Liam Fox, who served as Mr Cameron's Defence Secretary under the last government and is among the favourites to lead the Out campaign, said: 'Those that wish to remain in the EU should make the positive case for the supranational European project rather than frightening people.'
The intervention from the airline bosses signals that the In campaign is attempting to move beyond Mr Cameron's renegotiation, which he hopes to finalise at a crunch Brussels summit on Thursday and Friday.
Their warnings echo Mr Cameron's claim last week that thousands of migrants currently living in camps in northern France would arrive in Britain 'overnight' if Britain leaves the UK, claiming the French would tear up treaties that keeps the UK border in Calais and not Kent.
The Prime Minister's hopes of securing a deal that will convince British voters to stay in the EU were dealt a blow today as a new poll showed that six in 10 saying they expect him not to win terms that are favourable for the UK.
Just 21 per cent of the public expect David Cameron to get a good deal from his EU renegotiation in the Comres poll for the Independent on Sunday.
And the Prime Minsiter was humiliated today as the man who he tasked with steering the EU referendum bill through the House of Lords announced he was joining the Out campaign.
Lord Dobbs, creator of the original House of Cards, dismissed Mr Cameron's renegotiation as 'a mouse that barely squeaks, let alone roars'.
As the sides in the campaign begin to gear up for an attritional four-month run-in to the likely referendum date of June 23, US secretary of state John Kerry has voiced support for Britain staying in the EU.
Mr Kerry said it was 'profoundly' in America's interests that the UK voted to remain in the union last night.
In his last big speech before the Brussels summit on Thursday and Friday, the Prime Minister told an audience in Hamburg on Friday night that Europe had to 'stand together' against threats such as ISIS and Russian aggression.
He also appealed for Germany's help in finalising his package of reforms, stressing the countries' shared interests and values.
Responding to the claims made by airline bosses, a Vote Leave spokesman said: 'It's such a shame to see pro-EU voices resorting to negative campaigning tactics based on little more than fear and falsehoods.
'Those who want us to stay in at all costs are re-writing history by wrongly attributing the hard-won successes of business and successive governments to our political membership of the EU.
'It's also deeply regrettable to try invoke the terrible events in Tunisia in an attempt to scare people into sticking with Brussels. The safe option is to Vote Leave.'

Drivers could be charged for driving through all towns and cities in the UK under crippling new rules being considered by EU bureaucrats.
And remarkably, households face being hit with a tax on recycling under the red tape proposals.
The new taxes and charges are buried in a committee report for the European Commission's strategy on meeting its target of cutting emissions by a fifth by 2020.
It suggests local councils should introduce a congestion charge for private cars in 'urban centres', which it says will not only raise funds but will also 'send out a clear' message to 'polluters'.
The unelected EU lawmakers also make the remarkable claim that a new charge for collecting recyclable waste will help encourage sustainable living.
The 76-page report by the European Commission's Committee of the Regions says the charges will 'both generate revenues and serve wider public policy objectives' but pays no regard to the implications of hiking bills for motorists and households.
As part of its section on how taxes and charges can play a role in the EU target on climate change, the report says charging for commercial and domestic waste has the 'advantage of ensuring the sustainability of the service and sending out a clear economic signal to polluters'.
The proposals – set out in the 'Delivering on the Europe 2020 Strategy' for local and regional authorities – are part of the EU's plans for meeting its target of reducing greenhouse emissions by 20 per cent compared to 1990 levels.