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Pound sinks to new low against the euro

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Pound sinks to new low against the euro

Post by THE BOSS on Wed Dec 17, 2008 6:47 pm

Sterling has plunged to a fresh low against the euro, with most travellers now getting less than one euro for each pound that they exchange at a currency booth.

The official exchange rate showed that the pound lost another 2.47 per cent of its value to take it down to €1.082. However, most bureaux de change on the high street and in airports are offering holidaymakers less than €1 for every £1.
A year ago travellers could have enjoyed a rate of €1.40. The fall in sterling means that everything from a simple cup of coffee to a hotel room has become much more expensive.
A €2 cappuccino in a restaurant in Rome, now costs £2, compared with £1.43 last Christmas.
The new low came as a fresh set of economic data persuaded international investors to abandon the pound.
Crucially, minutes from Bank of England showed its Monetary Policy Committee – in charge of setting interest rates – considered a bigger interest rate cut than the one per cent delivered two weeks ago.
Members only held back for fear of an 'excessive' knock to the pound and confidence in the economy.
Economists said it was now increasingly likely that the Bank will follow its counterpart in the United States and cut to zero.
Higher jobless figures have also encouraged many investors to sell sterling, thus forcing its price downward.
"Rising unemployment shows the soft underbelly of the UK economy, and pound weakness is set to continue for some time," said Paul Robson, strategist at Royal Bank of Scotland.

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