Pound live: Sterling set to fall further as Boris Johnson takes UK to brink of no-deal Brexit

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What does a no-deal Brexit mean?

The pound is set to fall even further as the likelihood increases of a no-deal Brexit that will be disastrous for the UK economy, according to a poll.

Sterling has already suffered a rout since Boris Johnson became prime minister on 24 July, falling to a two-and-a-half year low against the dollar of $1.2080 last week.

Analysts polled by Reuters predicted further declines to between $1.17 and $1.20 as the 31 October deadline day approaches.

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Key Points

• Pound to be worth less than dollar for first time ever after no-deal Brexit, analyst forecasts
• Stock markets edge upwards after China's economy shows resilience

[8 August 2019 14:52 · ben.chapman]

UK-based pilots working for Ryanair and belonging to the British Airline Pilots Association (Balpa) are going on strike.

Here is everything you need to know from our senior travel editor Simon Calder.

[8 August 2019 16:45 · ben.chapman]

A good day for European stock markets after a difficult couple of weeks.

The FTSE 100 ends the day up 1.2 per cent at 7,285.9

The Dax up 1.7 per cent to 11,845.41

CAC 40 up 2.3 per cent to 5,387.96

The pound is basically unchanged against the dollar, down 0.03 per cent to $1.2136 and 0.12 per cent down against the euro to €1.0825.

[8 August 2019 17:06 · ben.chapman]

The number of non-domiciled residents ('non-doms') has fallen 13.5 per cent in a year to 78,300 in 2017/18, HMRC says.

The drop is thanks to a tightening up of the law around non-dom status which lets certain individuals resident in the UK but who have a permanent home elsewhere to pay less tax.

The tax take from non-doms also fell over the year from a record £9.5bn to £7.5bn in 2017-18.

HMRC said a lot of that was made up through other taxes as people who were non-dom taxpayers are now under normal status.

Which begs the question of why non-dom status -  a relic of the colonial era now used primarily by rich people to avoid tax - hasn't been abolished completely.

[8 August 2019 17:16 · ben.chapman]

The likelihood of a US recession in the next 12 months rose to 35 per cent in an August survey of economists by Bloomberg, up from 31 per cent previously.

Growth is predicted to come in at 2.3 per cent this year down from 2.5 per cent forecast in July as global trade tensions rise.