Sterling is still falling against the Dollar!

Posted by admin on 13 November, 2008 under Business news | Be the First to Comment

The UK’s Pound continues to take a hammering in the markets and is at it’s lowest level since mid 2002 having now fallen to $1.47993!

Sterling has also fallen against the Euro dropping to €1.17855, representing a record low since its introduction. This is both good and bad news for the UK economy, with exports from the UK becoming cheaper to Americans and Europeans, but the reasons behind the fall being the bad news.

The UK economy is heading for an extremely rough ride and a possible deep recession, with the Bank of England hinting at more base-rate cuts, if needs be, having cut the base-rate to just 3%.