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Pound drops to lowest level since 1985 — and U.K. stocks soar

Pound drops to lowest level since 1985 — and U.K. stocks soar

The British pound has hit a 31-year low against the dollar amid concern the country is willing to break away definitively from the European Union's common market. 

But the country's stocks are loving it, with the main index closing in on a record high. 

The pound, which traded around $1.50 on the day of the June 23 vote to leave the EU, was at $1.2749 on Tuesday, down 0.8% on the day, after comments from Prime Minister Theresa May. 

That's its lowest level since June 1985, when Margaret Thatcher was British prime minister and London was readying for Live Aid. 

The pound's descent means the country is less well-off — anyone who goes on...

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