From The Evening Standard:
FEARS over the value of the pound deepened this afternoon as it crashed to a record low against the euro. Growing alarm about the British economy sent sterling trading down to its weakest level since the birth of the single currency in 1999. At its lowest point, one pound bought just €1.139...
FFS, against a basket of other major currencies, GBP has been sliding for two years; this latest fall is hardly 'news'. We are now below the levels reached after White Wednesday, as it happens (click to enlarge):
The article continues ...
The latest slide in the value of the pound comes as the first skiers of the season head out to France, Italy and Austria to face prices up to 25 per cent higher than last year because of inflation and currency movements.
Wow! These journalists understand the effect of exchange rates on relative prices! I'm sure that our all hearts bleed for these poor people who can only afford to "head out to France, Italy and Austria". Serves them right for not buying Euros when they booked their holiday. They can count themselves lucky they're not off to the land of the Swiss Frank.
Slowly silently now the Loon
1 hour ago
2 comments:
Swiss Frank? Any relation to Swiss Tony?
The financial meltdown is good copy, they're just trying to keep the feeling of panic going. "We're all doomed, doomed I say!!!"
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