Sterling slides as Article 50 date revealed

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The Pound has slid downwards as the Government revealed the date it will trigger Article 50.

Prime Minister Theresa May’s spokesperson announced today that the Government would invoke Article 50 on March 29, but did not commit to running an early General Election.

Sterling fell 0.05 per cent to 1.2398 against the dollar at midday, while the FTSE100 stood at 0.21 per cent to 7,409.18 at the time of the announcement.

The triggering of Article 50 starts the two-year countdown to Britain leaving the European Union in March 2019.

The Government lost its case at the Supreme Court in January, meaning that triggering Article 50 had to receive approval from Parliament.

MPs backed the European Union Bill by a majority of 384 in February, allowing the Government to push ahead with Brexit, before the Bill eventually made it through the House of Lords.

Investment community leaders such as SCM Investments founder Gina Miller have been vocal campaigners over Brexit, warning of the impact leaving the EU could have on markets.