Markets underestimate risk of sterling Brexit volatility: BlackRock

British Pound Sterling banknotes are seen in a box at the Money Service Austria company's headquarters in Vienna, Austria, November 16, 2017.REUTERS/Leonhard Foeger

Risks had risen in recent months of an “extreme” Brexit outcome - either Britain leaving the European Union without a deal, or deciding to stay in the bloc, BlackRock portfolio manager Rupert Harrison said at a mid-year investment update. Britain is due to leave the EU on Oct. 31, but parliament has repeatedly rejected the transition arrangements negotiated by outgoing Prime Minister Theresa May, and the two contenders to succeed her have both said they could leave without a deal.on Tuesday below $1.2440, but a measure of market volatility of sterling over the next 12 months GBP1YO=remains well below the post-2016 peak it reached in December 2018.

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