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Economy shock puts pound back
1 Jul 2009Sterling was on the slide again today as investors spooked by the shocking state of the UK economy continued to sell the pound.
It was down 0.21 cents against the US dollar to $1.6437 and also fell against the euro, which was up 0.32p to 85.59p.
The sell-off followed heavy losses yesterday after figures showed the UK economy contracted by 2.4% in the first quarter of the year, the most for more than half a century.
Reader views (5)
You ain't seen nothing yet! Everybody I know in business wants out. The atmosphere around business in the UK is a lot worse then anyone can imagine. Mass collapse of the pound will follow then mass inflation. The pound in ya pocket years. Here we go gain another fine mess Labour got us into.
- Mike, London, 01/07/2009 21:19
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Mortgage Broker N3, London, England - Total rubbish.
- Dave Davies, Basingstoke, Hants, 01/07/2009 17:52
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Mortgage broker, you have listening to political gobbledeegook. Brown did not create the sub prime mortgage granted but he has left this country's finances in no state to deal with it, that is the issue! Under Brown's chancellor reign we have incurred a massive public sector debt, massive consumer debt, frivolous govt spending and an ever more penal taxation levy. 'No more boom and bust', ha ha!! he was just riding the decade long asset bubble and now we are all paying!
- Matthew, Ware, Herts, 01/07/2009 12:39
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You can't blame Brown - he picked up the mess from Blair and it was the submprime crisis from the US 3 years ago that spread here. He started when the crisis started to hit the UK. It will take another 5 years for the UK economy and house prices to recover and that's only if the banks start lending again and unemployment falls.
- Mortgage Broker N3, London, England, 01/07/2009 11:34
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Thanks for this Gordon Brown.
- Dave Davies, Basingstoke, Hants, 01/07/2009 11:14
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