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d to the lowest level in almost a decade.
”The reason for this underperformance relative to the rest of the world is, I believe, the uncertainty surrounding the prospect of Brexit,” Ge
rtjan Vlieghe, a member of the Bank of England’s Monetary Policy Committee, said in a speech last month.
The pain has also been felt by households. The pou
nd plunged 15% against the dollar after the 2016 vote, pushing the price of imported goods hig
her. That spurred inflation and contributed to a decline in the value of people’s paychecks.
Executives have reacted to the uncertainty by attempting to Brexit-proof their businesses.
”It is clear that political inaction has already had economic consequences, with many firm
s hitting the brakes on investment and recruitment decisions as a result of ongoing uncertainty,” said Ad
am Marshall, director General of the British Chambers of Commerce, a business lobby.