Tuesday 17 September 2019

Irish shares worst hit as UK political crisis saps confidence Brexit deal is close to agreement

(stock picture)
(stock picture)
Donal O'Donovan

Donal O'Donovan

Irish shares are the worst hit in Europe as a political crisis in Westminster has sapped confidence a Brexit deal is close to being agreed.

Shares in Dublin fell more than 3pc, and stocks elsewhere dropped on fears UK Prime Minister Theresa May’s grip on power is at risk following her agreement to a more than 500 page Brexit deal.

Ryanair and Bank of Ireland each fell around 5pc, they are among the Irish plcs most directly plugged in to the UK economy.

Sterling tumbled as a slew of resignations from Theresa May’s government, including of Brexit Secretary Dominic Raab cast doubts over the future of the administration and its ability to get parliamentary backing for a Brexit deal.

In London, shares in Ulster Bank parent Royal Bank of Scotland fell more than 10pc as speculation mounts that a UK general election in Britain now, will open the possibility the state-controlled lender may face an uncertain future under a left leaning Labour government led by Jeremy Corbyn.

Online Editors

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