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Pound at new lows after reports May won’t stand down

TV news channels are reporting that PM Theresa May has “no intention” of standing down in the wake of her party’s drab electoral performance. She’s due to speak at 10am.

Apparently spooked by the extra in-fighting ahead, the pound is at new lows for the day, now at $1.2650, down by a cool 2.3 per cent.

The chance that the election result will lead to a softer Brexit appears to be cushioning the blow.