The Pound Weakens
August 14, 2008
The pound has hit its lowest point in nearly two years, making fears worse of the pressing recession.
Having fallen further against the dollar it now stands at $1.8619 which is at a 22 month low.
It was Wednesday that the Bank of England gave its grave assessment of the UK’s economy and since then it has dropped sharply. 
With inflation steeply rising and the economies stunted growth it looks like British purses will be in trouble.
Though the dollar has been in real trouble against the pound and euro over the last few years it looks like the benefit of shopping abroad is no more. It is not after all just the UK that is in economic trouble, it is the fear of poor European growth that has aided the dollar in bouncing back from its troubles.
Though the American economy is still struggling with their own credit crisis, it does look like they are on their way back, if nothing else due to the deterioration of the rest of the World.
Last week saw the Euro at a six month low of €1.48, worsened by the Georgian military conflict.
So it not just the UK government that are struggling with its finances. The Bank of England said that it could be two years before we get out of the recession.
We should all brace ourselves for the gloom and look forward to better fiscal times!
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