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British Prime Minister Boris Johnson. Photo: WIktor Szymanowicz/NurPhoto via Getty Images

U.K. Prime Minister Boris Johnson looks set to call for a snap general election on Oct. 14 if he loses a no-deal Brexit vote in Parliament this week, Bloomberg reports, citing a senior U.K. official.

Why it matters: It's the latest in the litany of Brexit back-and-forth that has left the market reeling and most of Britain uncertain about the future.

What happened: The pound fell nearly 1%, near its lowest level in a year, and is again testing its early August lows when it reached the weakest against the dollar since 1985.

  • Sterling has fallen more than 7% in the past 3 months, the worst performance among major developed-market currencies.

The big picture: The British pound also has been hit by a wave of negative data about the U.K. economy.

  • Most recently a major manufacturing survey showed the industry is solidly in contraction. The IHS Markit/CPS manufacturing PMI dropped to 47.4 from 48.0 in July, a full point lower than the median forecast in a Reuters poll of economists.
  • Britain’s economy shrank overall last quarter, largely based on companies stockpiling goods in advance of the original March Brexit deadline and a slowdown in manufacturing and business output.
  • If the economy shrinks again this quarter the country will officially be in recession.

What's next: The combination of Brexit uncertainty and the economic weakness has a growing number of fund managers betting sterling will continue falling until it hits parity with the dollar.

  • BlackRock's Rupert Harrison recently said he sees the pound hitting 1-to-1 with the greenback, following a similar parity call from Morgan Stanley in July.

Go deeper: Boris Johnson expected to call election if he loses Brexit vote

Go deeper

2 hours ago - Health

U.S. surpasses 25 million COVID cases

A mass COVID-19 vaccination site at Dodger Stadium on Jan. 22 in Los Angeles, California. Photo: Mario Tama/Getty Images

The U.S has confirmed more than 25 million coronavirus cases, per Johns Hopkins data updated on Sunday.

The big picture: President Biden has said he expects the country's death toll to exceed 500,000 people by next month, as the rate of deaths due to the virus continues to escalate.

GOP implosion: Trump threats, payback

Spotted last week on a work van in Evansville, Ind. Photo: Sam Owens/The Evansville Courier & Press via Reuters

The GOP is getting torn apart by a spreading revolt against party leaders for failing to stand up for former President Trump and punish his critics.

Why it matters: Republican leaders suffered a nightmarish two months in Washington. Outside the nation’s capital, it's even worse.

Erica Pandey, author of @Work
6 hours ago - Economy & Business

The limits of Biden's plan to cancel student debt

Data: New York Fed Consumer Credit Panel/Equifax; Chart: Axios Visuals

There’s a growing consensus among Americans who want President Biden to cancel student debt — but addressing the ballooning debt burden is much more complicated than it seems.

Why it matters: Student debt is stopping millions of Americans from buying homes, buying cars and starting families. And the crisis is rapidly getting worse.