The decline has been caused by fears of a no-deal Brexit.
Reports suggest that the pound is plummeting towards parity with the euro, as the UK braces itself for a potential no-deal Brexit.
The sterling has hit a near-ten year low against the euro after the revelation of new data.
The pound fell to 92.9p against the euro on Friday evening, passing the low recorded in the aftermath of the 2016 Brexit vote.
According to RTÉ, new data from Britain’s Office for National Statistics today showed the country’s economic growth falling at a quarterly rate of 0.2%.
Against the US dollar, the sterling fell to 82.5p, its lowest point since January 2017.
It is largely believed that the drop is directly related to the impending no-deal Brexit, especially since the recent appointment of Prime Minister of the UK Boris Johnson.
Ireland’s Minister for Finance Paschal Donohoe recently spoke about the increasing likelihood of a no-deal Brexit, saying: “I believe that a no-deal Brexit and the United Kingdom leaving the European Union without a deal is a very credible and material risk now.”
This news is made even more interesting/terrifying by the fact that in July of 2015, £1 was worth €1.44.
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