Sterling gets a pounding from dollar

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Traders blamed the collapse of Bradford & Bingley for the massive sell-off against both the dollar — where it fell over four cents at one stage — and the euro.

The euro also tumbled against the dollar following the bailouts of Hypo Real Estate and Fortis.

Investors are also now banking on a cut in UK interest rates, adding further downward pressure on the currency.

After at one stage collapsing by nearly 4.5 cents, the pound this afternoon was down 3.92 cents at $1.7998.

Against the euro it was down 0.32p at 79.62p.