by Wolf Richter
Consumer confidence plunges the most since 1994.
Britons’ economic sentiment, already sagging since the summer of 2014, has dropped after the Brexit vote at the steepest rate since 1994!
We can’t blame them. The pound sterling plunged 25% over the last 12 months in anticipation of the Brexit vote, and in its aftermath. A bevy of usual suspects, including Goldman Sachs, Deutsche Bank, and Citigroup, are now proclaiming that the pound could fall another 7% to 11%. Deutsche Bank figures the pound, now at $1.29, could drop to $1.15 by the end of the year.