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The pound is set to plummet as Brexit negotiations begin, amid fears of a lengthy stand-off between the UK and the European Union, City bankers are warning this weekend.

Already down about 18 per cent since last June's referendum, some analysts believe it will fall further in the coming months, stoking inflation and bringing more pain to those going abroad this summer.
Theresa May is poised to trigger Article 50, setting in motion a two-year process leading to Britain's exit from the EU.
But City experts fear no progress will be made on trade talks for months, amid tetchy rhetoric on both sides as the remaining EU members try to extract a £60 billion 'exit bill' from the UK.
Viraj Patel, a currency strategist at bank ING, said: 'Initial Brexit negotiations could see both sides playing hardball and seeking to protect domestic interests.
The pound would bear the brunt of the greater political uncertainty.'

Patel expects the pound to fall to as low as $1.15, against $1.23 today. A stand-off would also hit the euro, but by a smaller amount, meaning holidaymakers travelling to the eurozone over the summer will see the cost of their holidays rise, possibly getting €1.11 for every pound rather than €1.15 currently.

Patel warned there are other big risks for sterling. A Scottish referendum prompting the chance of the break-up of the UK would drag the pound as much as 8 per cent lower against the dollar, while sterling's reserve currency status is also under threat.

HOUSTON and ATLANTA, March 13, 2017 /PRNewswire/ -- Mattress Firm, Inc., the nation's largest specialty bedding retailer, and Serta Simmons Bedding, LLC ("SSB"), the largest bedding manufacturer in the United States, today jointly announced that the companies have entered into an initial five-year strategic partnership agreement.

British American Tobacco’s £40 billion merger with Reynolds American has been approved by the US antitrust body.

The firm said the waiting period for the deal under US antitrust law expired on March 8, meaning all conditions had been satisfied.

The British cigarette giant, which owns brands including Dunhill, Kent and Lucky Strike, announced early this year that it had bought the remaining 57.8 per cent stake in the US rival that it didn’t already own.

Distribution policy and outlook

As announced in October 2016, the Company will be moving to an industry standard EPRA-based earnings metric. Adopting this earnings measure, adjusted only for necessary Company specific adjustments, allows for a closer alignment between earnings and operating cashflow.

To facilitate our leverage objectives and to provide greater financial flexibility, a medium-term dividend pay-out ratio within the range of 90% - 95% of our rebased earnings measure will be targeted. In the short term, some degree of flexibility in the pay-out ratio may be required to smooth distributions to shareholders following the transition to the EPRA-based earnings metric.

A full presentation will be delivered to investors and analysts today and will be made available on the Company's website. Shareholders should note the earnings per share guidance of 2.70 to 2.80 pence per share for the financial year ended 31 August 2017 is subject to suitable re-investment opportunities being secured. Growth in earnings per share is targeted to be 3.0% - 5.0% per annum over the medium term, subject to ongoing favourable market conditions.

I'm not saying it will get to 8.00 by a long shot.