Currencies

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Bank of England governor Mervyn King's public statement that the UK is in a recession the like of wh...

Bank of England governor Mervyn King's public statement that the UK is in a recession the like of which we have never seen before, and that the UK banking system came close to collapse, has understandably seen sterling plummet against a basket of currencies. I have mentioned before in this column my view that the BoE had become too fixed on inflation and not the collapsing UK economy, and this has finally come home to roost. The currency markets now are trying to work out why, if the economy is so bad and about to get a lot worse, UK interest rates are still at 4.5% when in reality they sho...

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