Pound under political pressure

The UK Pound fell to yet another 15-year low on the foreign exchange markets, 8 June 2001, following the resignation of Tory leader William Hague. The comprehensive victory of Labour in the general election, 7 June 2001, and the disarray of the Tory opposition seems to have convinced markets that the United Kingdom is now more likely than ever to join Europe's Economic and Monetary Union.