New Prime Minister Boris Johnson’s premiership has gotten off to something of a rocky start. This morning, less than a week after being handed the keys to 10 Downing Street, the value of the sterling hit a 28-month low of $1.21 against the American dollar and also slid against the Euro, falling as low as €1.08 at one point.

This month alone, the pound has dropped by more than 4%, representing the worst month for Britain’s currency since October 2016.

The plummet in the value of sterling has been driven by the bellicose rhetoric of Johnson’s new-look cabinet and the Prime Minister himself – who has repeatedly stated that the UK will be coming out of the European Union on October 31, with or without a deal.