Growing concerns around a hard Brexit saw the pound sterling set a new record of 13 consecutive days where the currency weakened.

Sterling is currently trading at just over £0.88 against the euro. In the last fortnight, the UK currency has weakened by more than 3p against the euro having been trading below £0.85 against the euro in early May.

The political deadlock in London between Labour and the Conservative Party over the Brexit deal has spooked markets and fears are mounting that the UK is once again headed for the hard Brexit cliff edge.

On Wednesday night, the future of UK prime minister Theresa May was hanging in the balance with pressure mounting for her to step aside as prime minister. There is growing unease among May’s cabinet ministers and Tory backbenchers over the new Brexit deal that she is proposing to put to parliament in the coming weeks.