Pound Flounders Below $1.30 as UK Economy Suffers ‘Marked Slowdown’ in Three Months to July

Pound sinks back below $1.30 to one-month low

by Tara Cunningham, Business Reporter

[…] Pound flounders below $1.30 at one-month low

The pound tanked to a one-month low today as traders said comments made by the Bank of England’s IanMcCafferty hurt the currency. BoE policymaker McCafferty wrote in the Times that more quantitative easing was likely to be required and the central bank rate could be cut further if the post-Brexit economic decline in the UK worsens. It feel by as much as 0.64pc to $1.2956 against the dollar.

UK industrial output records strongest quarter since 1999 before Brexit vote

British industrial output grew at the fastest rate since 1999 in the second quarter of this year, with “very few” respondents reporting an impact from uncertainty around June 23’s vote to leave the European Union.

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