S & P Global expects devaluation of the pound to 40 pounds to the dollar

Standard & Poor’s Global expects to initially devalue the pound in banks to 40 pounds to the dollar over the next few weeks, before gradually reducing it back to 45 pounds within the next five to six months, according to the agency in a note quoted by the east economy website.

The pound is likely to weaken further in the absence of structural economic reforms outlined by the IMF, according to the agency.