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The Latest: Pound drops after UK sets EU referendum vote

London Mayor Boris Johnson makes a statement outside his home in London, Sunday Feb. 21, 2016. London Mayor Boris Johnson said Sunday he is joining a campaign to encourage Britain to leave the European Union _ posing a direct challenge to Prime Minister David Cameron, who has launched a major push to win support for his call to keep his country within the EU. (AP Photo/Tim Ireland) London Mayor Boris Johnson makes a statement outside his home in London, Sunday Feb. 21, 2016. London Mayor Boris Johnson said Sunday he is joining a campaign to encourage Britain to leave the European Union _ posing a direct challenge to Prime Minister David Cameron, who has launched a major push to win support for his call to keep his country within the EU. (AP Photo/Tim Ireland)

By Associated Press February 22, 2016 1 min read

LONDON (AP) – The Latest on global financial markets (all times local):

9:40 a.m.

The pound is down sharply on concern that Britain’s popular vote on whether to leave the European Union could be closer than expected after senior politicians joined the “leave” campaign.

London Mayor Boris Johnson on Sunday said he would support the campaign in favor of leaving the 28-country bloc, arguing it would help restore power over national policies from Brussels.

Many investors and businesses are wary of such a move, however, as it creates uncertainty and could hurt the economy, at least in the short term. Economists say the U.K. largely benefits from the EU’s freedom of money and labor.

The pound was down 1.7 percent at $1.4166 on Monday.