As sterling falls, will PM alter course or risk price hikes as election looms?

Money markets did not take a disorderly departure seriously, but do now. So should Johnson

British holidaymakers heading abroad for their summer holidays might not thank him for it, but the fall in the value of the pound to its lowest level in 28 months is evidence that Boris Johnson's Brexit strategy is having an impact.

The currency markets never took the idea seriously that the UK would leave the EU without a deal when Theresa May was prime minister. That has changed in the past five days as the new government has rammed home the message that the 31 October deadline for departure is set in stone.

Related: No-deal Brexit: how likely is it and what would be the impact?

Related: No, a falling pound is not good. It's a sign of weakness and decline | Dan Davies