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News » British Pound

British Pound

Feb 05 2009, 08:29

he previously-unstable British pound is leap to face further instability this week as both Credit Suisse overnight index changes and a Bloomberg News poll indicate anticipations that the Bank of England is going to cut rates by an additional 50 basis points at 7:00 ET on Thursday to a latest record low of 1 %. This is in fact within the area of probabilities since the UK has tipped into depression and the BOE, and UK government, expect that things are going to only get worse. Actually, Bank of England Monetary Policy Committee Member David Blanchflower, who is simply the most forthright and dovish member on the Committee, passed very dovish statements on January 29, stating that the UK economy might deal with a slump worse than that of the one in the 1980’s.”

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