Pound rallies after May offers Brexit plan

The British pound rallied today following a much-anticipated speech by Prime Minister Theresa May outlining her plan for the country’s exit from the European Union. May told an audience of British civil servants and international diplomats that the U.K. will make a clean break from the EU’s single market and work to negotiate its own trade deals with European member nations: “We want to buy your goods, sell you ours, trade with you as freely as possible, and work with one another to make sure we are all safer, more secure and more prosperous through continued friendship.” May’s ministers will work out the specifics of the Brexit and the country’s future trade deals over the next two years. May intends to present her Brexit plan to lawmakers for their approval in 2019. Britain’s financial sector, which has struggled since last summer’s Brexit referendum, welcomed the beginning of a concrete plan after months of uncertainty. On Monday, the pound dropped to a 31-year low of $1.20.

The Associated Press contributed to this report.