Investors in Asia sell off pounds in favour of dollar and other currencies
Whatever is said in public, behind the scenes the government will be deeply concerned waking up to record lows, as well as the surge in UK government borrowing costs, in particular. Market opening in Europe this morning will be being watched nervously.
These rates will effectively be passed on to household and commercial borrowers of fixed term loans. While the injection of cash from tax cuts should help temper the recession, very fast rate rises could make that worse. The last time the value of the pound was anywhere near $1.05 was in February 1985. Back then, the official line from Downing Street was also that the government was unworried by a slide in the pound, and that it was mainly the result of a strong dollar and speculation.
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