Sterling could fall further if front-runner Johnson replaces Theresa May

The weak pound will decline further should Boris Johnson, the favorite to replace Theresa May, win the contest to become the next U.K. prime minister.

The warning has come from Nigel Green, the CEO of financial advisory firm deVere Group, who says that the pound “will be delivered another bloody nose” if the former U.K. foreign secretary and mayor of London becomes the U.K. premier, as he plans to take the United Kingdom out of the European Union with or without a deal on Oct. 31.

It is believed that the Brexiteer will try to proceed with this plan without a deal, despite the country’s Parliament voting in favor of removing the option earlier this year. According to economists at Schroders, he could do this by failing to comply with the European Union’s demands that the United Kingdom should continue to follow its rules. This could lead to the European Union agreeing to terminate the relationship in October.

Johnson is the odds-on favorite to win the