Pound hits 12-year low on rate cut speculation

What a difference a year makes...

August 2008:
Pound hits 12-year low on rate cut speculation

The pound hit a 12-year low against its basket of currencies today as investors continued to dump sterling amid a raft of bad economic news and continued speculation that the Bank of England's Monetary Police Committee may cut rates next week.

One London trader told Reuters: “There’s no saving the pound... She’s still as soft as warm butter.”

Sterling fell to a two-year low against the dollar at $1.8276 and close to its lowest since against the euro since 1999. A euro is now worth 80.63p.

Against its trade-weighted index, sterling fell to 89.5, its lowest level since October 1996.

April 2007:
Pound reaches 26-year dollar high

Sterling has risen to its highest level against the dollar since 1981, breaking through the $2.010 mark.

The currency rose above $2 on Tuesday after unexpectedly high UK inflation figures indicated further interest rate rises were likely.

The Bank of England is widely expected to raise rates to 5.5% on 10 May and at least once more later in the year.

The dollar, which later eased back to $2.006 against sterling, also slid to a two-year low against the euro.



Book Reviewer
Thank you Gordon Brown for your 'Prudent and skillful fiscal policy'.

Like your fawning, idiotic and tame reporters said last year - you are a genius when it comes to fiscal control and your 'Golden Rules', which shall not be broken.

It's not a recession really, and it's not as bad as it looks. It's a 'credit crunch' caused by the 'US markets'.

No it isn't, it's 11 years of the most appalling fiscal incompetence that has wasted the wealth of this country and left it wide open to recession and currency devaluation with absolutely nothing to stop us being blown around from pillar to post on speculative and hostile winds.

There's no money left in the pot me old mucker, and with no money in the pot, and a full blown recession starting, you won't have those windfall taxes available to buy, sorry, employ a hundred thousand public sector workers to massage the unemployment figures. You can no longer rely on easy credit to provide the rose tinting on the spectacles of the voters because our taxes are now propping up the banks that followed your great policy ideas. The property market is coming apart at the seams and the country made a huge loss on gold reserves that we no longer have.

You can't afford pay rises to match inflation for the public sector workers, so we may all be facing countless public sector strikes of the next couple of years as the gas, oil, petrol, tax and other price hikes REALLY start to bite - unless of course you just give in to the unions and be their stooge . . . . oh, that's why it's so quiet then.

The Labliar party can't even manage its OWN finances, let alone those of a country of 65 million people. They've had to crawl up the arrses of the unions to bail them out of a certain bankruptcy due to the loans fiasco THEY created.


Or is he a genius for guaranteeing that ZANU NL will not see the inside of No. 10 for at least three terms, but more likely four.
I personally think that Labour spent the first 7 years blaming the last government for all the lose ends and state of the economy, then bullshitted us into thinking we were getting a great deal with every benefit rise or cut in inflation, and all it was is the 2.99 trick zn illusion of making us think we were better off so spend more people.
Loans mortgages and investments set up with all that "spare cash" that wasnt really spare cos someone robbed peter to pay paul to do it.
With countless mistakes by mp's and cabinet reshuffles every week, its been hard to suss out whos got who's job.
They put the pea under the cup and guess which cup its under now?, only to find out there wasnt any and the whole "Booming economy" that suposedly aforded us more, never existed.
We will just have to wait for the next govenment to blame it on "inheriting a country's mess"
I dont recall being given a say in who came in after blair. I was livid.... how can that pompous fat f*#k just walk in and think it would be ok to just carry on as if its his god damn right? and then after all the big deal of I want my turn in number 10 or ill cry... he makes a complete pile of W@nk out of it.
Please please please dont waste any assasination attempt on mr obama.... when there are much worthy contenders. Mr Brown you are the weakest link goodbye!
While it might cause a few problems with the price of oil, it will help my company because we sell a lot of kit to the spams.
How can one expand on the foregoing comments?
Best not even try.

Brown [and Blair] totally screwed it. An over-used phrase, but they did, in Spades, Trumps and with gold-plated bath taps as well.

As with Borrocks Obama, they presented a "vision" with absolutely no idea of what was actually supposed to happen to it ... and then "B&B" massaged and manipulated and lied, endlessly. If there were proper justice that could be found outside politics, they would BOTH be indicted before a Court.

Bliar was a grinning self-impressed cnut, who dragged the Nation along behind him [in their ignorance].
Brown is just a back-room boy with ambition beyond his competence.

I doubt I shall ever support a politician under the age of 50 ... the Yoof Culture has already done enough damage. And, BTW, I do still have a vote in the UK as an Overseas Voter :wink:
I move the bulk of my cash out here at end of July, start of August and it came out at all but 67 to the pound. Now you'll get 62 by bank transfer and it's not as if the local government hasn't got serious political problems.
I was brought up Labour and it wasn't until the early-mid 70's I saw the light.
Just too much party dogma, the want, desire to change UK's make up, it's there way of killing of the old High and Mighty, who's Labours Class warfare so despises.
Bruin PM, who has never been Elected by anyone, raised more in Stealth taxes then the old National debt.
When he's gone his used of the PFI will leave the UK the most indebted country in Europe and looking at the competition, that is some statement.

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