Paper: Pound sterling value hits new 31-year low against the dollar

British pound nears 31-year low against US dollar as Brexit debate continues. Sterling hit

Fears of the consequences of a Hard Brexit have sent the pound tumbling to a new 31-year low against the dollar, according to the Independent.

Speaking at the Conservative Party's annual conference in Birmingham on Sunday, Theresa May has ended weeks of speculation and revealed that she will launch formal Brexit talks with EU leaders before the end of March 2017. 

The timing means the UK looks set to leave the EU by summer 2019.

Sterling has fallen to $1.2764 in early trading on Tuesday, extending its losses from the previous day.

That is its lowest level since June 1985, and almost 15 per cent weaker than before the EU referendum on June 23.